The great hopes of generating huge amounts of cash through online gambling in New Jersey have failed to materialize, according to state officials.
When Gov. Chris Christie put his budget together for the fiscal year, his projection was substantially higher than what early indications projected. As a result, the administration reduced the revenue forecast by $251 million. Later, a legislative estimate further reduced the figure by $217 million.
The forecast last week from the Casino Revenue Fund, which collects taxes from online gambling and Atlantic City’s brick-and-mortar casinos, has been cut by $126 million, according to State Treasurer Andrew Sidamon-Eristoff.
“Clearly, the results so far have not met our expectations,” the treasurer said.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].