(ATLANTIC CITY) — Joined by Senator Richard Codey and Senator William Gormley, Governor James E. McGreevey today signed legislation to streamline the regulation of the casino industry.

 

“This legislation ensures the competitiveness of Atlantic City and the New Jersey gaming industry,” said McGreevey. “Most importantly, the law streamlines the casino industry regulations to ensure accountability while lessening cumbersome bureaucratic red tape.  The Administration is committed to the economic vitality of Atlantic City and to working cooperatively with the gaming industry to increase private capital investment into Atlantic City.”

 

“This legislation is part of a continuing trend,” said Codey, who co-sponsored the bill.  “We are trying to make Atlantic City more competitive without giving away any of the State controls that would jeopardize the integrity of the industry.”

 

The legislation signed today by Governor McGreevey, Senate Bill 1656, makes several changes to the Casino Control Act and to the Casino Reinvestment Act while enhancing gaming related statutes.

 

“This legislation represents a streamlining of regulatory process that will further enhance the viability of investing in Atlantic City, without sacrificing the necessary safeguards of integrity,” said Gormley, bill sponsor.

 

The new law permits merchandise or other items of value to be used as payoffs of winning wagers at table games, removes certain prohibitions on casino advertising for consistency with federal court decisions and provides the Casino Control Commission with the flexibility to enforce minimum hotel room requirements necessary for casino gaming expansion.

 

The bill also makes changes in the law pertaining to casino reinvestment obligations under the investment alternative tax law and under the “Casino Reinvestment Development Authority (CRDA) Urban Revitalization Act”.  The bill provides that under the CRDA Urban Revitalization Act, when construction on an Atlantic City district project has not commenced within the statutorily required time frame, the CRDA may reassign the project designation to another casino.  It also permits the CRDA to increase the size of a designated district project area by up to fifty percent of the existing project area with the agreement of the casino licensee.