ATLANTIC CITY, N.J. (CBSNewYork/AP) — Hard Rock International and the Meadowlands Racetrack are proposing a casino just outside New York City that experts say could be one of the most successful in the country but that Atlantic City fears could put it out of business.
The project the companies will unveil next week could generate $500 million in tax revenue for New Jersey. It could also provide a new source of cash for Atlantic City’s struggling casinos, which have fought the proposal every step of the way as it has been floated and debated in recent years.
Meadowlands Racing Chairman Jeff Gural said the casino would pay a 55 percent tax rate on winnings. Atlantic City’s casinos pay 8 percent.