>>> FUNDING FOR NJ BUSINESS BEAT PROVIDED BY NEW JERSEY CHAMBER OF COMMERCE WORKING TO KEEP NEW JERSEY IN BUSINESS.

ONLINE AT NJCHAMBER.COM AND IBEW LOCAL 102 PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

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>>> THIS WEEK ON "NJ BUSINESS BEAT" IT'S AS EXPENSIVE AS EVER.

PROPERTY TAX BILLS IN NEW JERSEY BREAK RECORDS.

PLUS, OPENING AND CLOSING HUNDREDS OF JOBS IN ONE NEW JERSEY COMMUNITY AS ANOTHER CITY STANDS TO GAIN UP TO 1,000 JOBS.

AND ARE THE OFFERS IN THEIR FAVOR?

THIS WEEK DIVING DEEP INTO THE GOALS FOR THE CASINO INDUSTRY AND WHAT IT WILL TAKE TO REBOUND FROM PANDEMIC LOSSES.

THAT'S AHEAD ON "NJ BUSINESS BEAT."

♪ >>> THIS IS "NJ BUSINESS BEAT" WITH RHONDA SCHAFFLER.

>> HELLO, I'M RHONDA SCHAFFLER THANK YOU FOR JOINING US ON "NJ BUSINESS BEAT" IF YOU'RE WATCHING ON YOUTUBE SUBSCRIBE TO OUR SPOTLIGHT YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

WE BEGIN THIS WEEK WITH A NOT SO SUBTLE REMINDER THAT NEW JERSEY HAS THE HIGHEST PROPERTY TAXES OF ANY STATE IN THE NATION AND THOSE TAXES ARE GETTING EVEN HIGHER PLACING AN INCREASED FINANCIAL BURDEN ON HOMEOWNERS DURING A DIFFICULT ECONOMIC TIME.

FOR THE FIRST TIME EVER, THE AVERAGE ANNUAL PROPERTY TAX BILL HAS TOPPED $9,000.

THE HIGHEST BILL IS IN ESSEX COUNTY AT MORE THAN $12,700.

THE CLOEEST IS CUMBERLAND ROUGHLY $4,500.

ONE-THIRD OF NEW JERSEY'S COUNTIES HAVE PROPERTY TAXES THAT EXCEED 10 GRAND A YEAR.

OUR JOHN WRIGHTMEIR BREAKS DOWN THE CHANGES FOR US.

>> THESE NEW NUMBERS SHOW THAT WE WENT WAY PAST IT IN 2020 WITH THE AVERAGE BILL NOW OVER $9,100 AND, SO, YOU KNOW, THE YEAR OVER YEAR INCREASE IS A LITTLE LESS THAN 2%, WHICH MIGHT BE GOOD NEWS IN THE SENSE THAT THE YEAR BEFORE THE RATE OF GROWTH WAS A LITTLE HIGHER BUT IN A YEAR, AS YOU SAID, WHERE A LOT OF PEOPLE ARE HURTING AND A LOT OF PEOPLE HAVE LOST THEIR JOBS OR MAYBE SEEN THEIR HOURS CUT BACK.

ANY INCREASE IN YOUR BILLING IS TOUGH TO TAKE.

>> HIGH PROPERTY TAXES AREN'T JUST AN ISSUE FOR HOMEOWNERS.

THEY ARE ALSO, OF COURSE, AN IMPACT FOR THE BUSINESS COMMUNITY.

CONGRESSMAN JOSH THINKS THAT LOWER TAXES COULD HELP ATTRACT NEW COMPANIES TO THE STATE.

AND THAT'S TOP OF MIND FOR HIM NOW, ESPECIALLY SINCE THE BIG EMPLOYER IN HIS DISTRICT MONDALES THE PARENT COMPANY OF NUBISCO DECIDED TO CLOSE ITS FACTORY IN FAIRLAWN THROWING HUNDREDS OF PEOPLE OUT OF WORK.

CONGRESSMAN, THANKS SO MUCH FOR JOINING US ONCE AGAIN ON "NJ BUSINESS BEAT."

>> SURE.

THANKS FOR HAVING ME.

GREAT TO BE HERE.

>> THIS SITUATION IN FAIRLAWN IS A TOUGH ONE.

YOU PUT OUT A STATEMENT ON THE NEWS THAT THE NABISCO PLANT WAS CLOSING.

HOW DO WE KEEP COMPANIES LIKE THIS FROM LEAVING NEW JERSEY?

>> YOU KNOW, IT'S A BIG FOCUS OF MINE TO MAKE SURE WE KEEP JOBS AND BUSINESSES HERE.

I THINK IT'S A COMBINATION OF MAKING SURE THAT WE GET OUR TAXES DOWN AND PROPERTY TAXES DOWN AND MAKE THINGS MORE AFFORDABLE FOR PEOPLE.

BUT, YOU KNOW, WE WORKED VERY HARD WITH THE GOVERNOR AND OTHERS AND MONDELEZ TO TRY TO KEEP THESE JOBS HERE AND FRANKLY THIS WAS A CONSOLIDATION ISSUE AND THEY WERE LOOKING TO DOWNSIZE AND NO MATTER WHAT WE SAID TO THEM TO HELP THEM REINVEST AND REBUILD AND A PLANT THAT GOES BACK SIX DECADES.

SO IT NEEDS SOME REPAIRS AND UPDATING.

BUT, REALLY, WE JUST COULDN'T GET THEM TO STAY.

>> CONGRESSMAN, HOW DO WE GET NEW COMPANIES TO COME IN?

I MEAN, WE HAVE AT LEAST 600 JOBS THAT WILL BE LOST.

OBVIOUSLY, THIS IS A TERRIBLE ENVIRONMENT IF YOU'RE TRYING TO FIND WORK.

WHAT CAN BE DONE, WE KNOW WHAT'S HAPPENING ON THE STATE LEVEL AS GOVERNOR MURPHY GOT A TAX INCENTIVE PROGRAM PUSHED THROUGH AND AGREED TO BY BOTH PARTIES IN THE LEGISLATURE.

WHAT CAN BE DONE ON THE FEDERAL LEVEL TO TRY TO GET SOME OF THIS JOBS AND OPPORTUNITIES BACK?

>> WELL, RIGHT AT 600 JOBS AND THESE ARE PEOPLE WHO WORKED THROUGH THE WHOLE PANDEMIC FROM THE BEGINNING.

THEY WERE THERE EVERY DAY AND PUT THEIR LIVES ON THE LINE TO MAKE SURE PEOPLE HAD THEIR OREOS AND SNACKS AND I REALLY FEEL FOR THESE FAMILIES.

I THINK WE HAVE TO STREAMLINE THINGS AND CUT A LOT OF RED TAPE AT THE STATE LEVEL TO MAKE SURE WE ARE MORE FRIENDLY TO BUSINESSES WHO ARE HERE TO MAKE SURE THAT IT'S EASY TO OPERATE.

WE HAVE TO WORK LIKE I'VE BEEN DOING TO CLAW MORE DOLLARS BACK, FEDERAL TAX DOLLARS BACK TO JERSEY FOR THINGS LIKE ROADS AND TUNNELS AND, OF COURSE, EQUIPMENT FOR OUR COPS AND OUR FIREFIGHTERS.

WE'RE UP SIGNIFICANTLY IN THE LAST FEW YEARS IN TERMS OF WHAT WE'RE GETTING BACK TO WHERE I LIVE WORKING WITH OUR MAYORS AND FIRST RESPONDERS AND EVERY DOLLAR WE GET BACK TO JERSEY IS A DOLLAR OUR PROPERTY TAXES DON'T HAVE TO PAY.

WE'RE FACING A LOT OF THESE OTHER STATES THAT DO A GOOD JOB TAKING OUR DOLLARS AND PUTTING TO THEIR LOCAL BUDGETS AND WE'RE OFTEN LEFT HOLDING THE BAG AND THAT'S WHAT WE'RE FIGHTING AGAINST.

>> CONGRESSMAN, AS YOU WERE WORKING ON NEW RELIEF FOR RESIDENTS OF NEW JERSEY, WE KNOW THAT THERE WILL BE POTENTIALLY MONEY FOR SMALL BUSINESSES, FOR THE UNEMPLOYED, BUT WHAT ABOUT FEDERAL MONEY FOR JOB TRAINING.

I THINK ABOUT THESE PEOPLE WHO WORK AT THE PLANTS AND IF WE DON'T HAVE ANOTHER PLANT THERE AND THEY HAVE TO TRANSITION, IS THERE SOMETHING THE FEDERAL GOVERNMENT CAN DO IN TERMS OF FINANCING PROGRAMS AND SETTING PEOPLE UP FOR ANOTHER CAREER?

>> YOU KNOW, I'M GLAD YOU ASKED ABOUT THAT BECAUSE I THINK THAT'S CORE TO ANY JOB'S PACKAGE THAT WE DO.

ANY STIMULUS PACKAGE TO HELP GET THE ECONOMY GOING.

JOB TRAINING AND RETRAINING IS ESSENTIAL.

AS YOU KNOW, MANUFACTURING IN OUR STATE IS NOT, HAS BEEN UNDER ATTACK FOR YEARS WITH A LOT OF JOBS LEAVING, ALTHOUGH WE HAVE SOME OF THE GREATEST MANUFACTURERS HERE.

I WAS SITTING HAVING SOME M&Ms LAST NIGHT NOT FAR AWAY WE MAKE THE M&Ms ON AIR FORCE ONE AND WE HAVE INCREDIBLE MANUFACTURING BASE HERE AND A GREAT PEOPLE WHO BUILD TRADES AND TERRIFIC PEOPLE THAT ARE SKILLED AND WE NEED TO TRAIN PEOPLE.

OUR COMMUNITY COLLEGES DO A PHENOMENAL JOB, BUT THEY NEED MORE HELP.

THAT'S SOMETHING THAT MANY OF US HAVE WORKED ON.

VOTING THIS WEEK OR LAST WEEK, WE VOTED ON APPRENTICESHIP HELP FOR MORE SUPPORT AND INVEST MORE IN APPRENTICES SO THAT WE CAN GET SOME MORE SKILLED LABOR.

A LOT WE CAN DO TO GET PEOPLE RETRAINED, BUT, FRANKLY, WE'VE GOT TO MAKE NEW JERSEY A PLACE WHERE PEOPLE WANT TO STAY AND GROW.

IT'S AN INCREDIBLE PLACE TO DO BUSINESS.

WE HAVE GREAT SCHOOLS, AS YOU KNOW, BEAUTIFUL, SAFE COMMUNITIES.

WE HAVE TO MAKE THINGS MORE AFFORDABLE SO WE DON'T LOSE THOSE JOBS.

>> CONGRESSMAN, GOOD TO SEE YOU AGAIN.

THANK YOU FOR YOUR TIME.

>> THANKS, GREAT TO SEE YOU.

>> IT'S ALWAYS DISCOURAGING WHEN COMPANIES LEAVE THE STATE, BUT SOME ARE FINDING OPPORTUNITIES HERE.

P PROPONENTS OF SETTING UP SHOP IN NEW JERSEY SAY LOTS OF POSITIVES LIKE GOOD SCHOOLS AND EDUCATED WORKFORCE AND MANY TRANSPORTATION OPTIONS.

AND, OF COURSE, BEING CLOSE TO NEW YORK AND PHILADELPHIA HELPS, TOO.

IT WAS OUR PRIME LOCATION THAT ATTRACTED U.P.S.

TO BAY OWN.

I TALKED WITH MAYOR JIMMY DAVIS ABOUT THE SHIPPING COMPANY'S PLANS TO BUILD A NEW DISTRIBUTION CENTER AND BRING WITH IT A WHOLE LOT OF JOBS.

MAYOR, PRETTY EXCITING NEWS FOR YOUR COMMUNITY IN THAT YOU MIGHT BE GETTING 1,000 NEW JOBS COMING TO BAYON.

TELL US ABOUT THE PROJECT THAT IS NOW MOVING THROUGH THE CITY THAT IS GOING TO, QUITE FRANKLY, MAKE A BIG DIFFERENCE FOR A LOT OF PEOPLE.

>> YEAH, YOU KNOW WHAT, WHEN WE TOOK ALL THIS BACK IN 2014, THE ONE THING WE PROMISED EVERYBODY IS THAT WE WERE GOING TO REDEVELOP THE CITY.

BUT NOT ONLY WITH RESIDENTIAL, BUT ALSO BRING JOBS TO OUR CITY.

WE'VE BEEN DOING BOTH AS WE HAVE BEEN GOING ALONG, BUT THIS ANNOUNCEMENT OF U.P.S.

COMING TO BAYON ON THE OLD MILITARY TERMINAL BRINGS APPROXIMATELY UP TO 1,000 JOBS, GOOD-PAYING JOBS AND BECOMES ONE OF THE FOUNDATION COMPANIES FOR OUR CITY AND FOR THIS REGION.

YOU KNOW, IT'S NOT JUST BENEFITING THE CITY.

IT'S GOING TO BENEFIT THE COUNTY AND WHOLE REGION HERE UP IN NORTHERN NEW JERSEY.

>> I'M GOING TO ASK YOU TO SHARE YOUR SECRET BECAUSE THERE'S A LOT OF MAYORS IN NEW JERSEY THAT ARE TRYING TO BRING JOBS AND NEW BUSINESSES INTO THEIR COMMUNITY.

WHAT'S THE RECIPE THAT GETS DEVELOPERS AND PROJECTS INTO A COMMUNITY LIKE YOURS?

YOU KNOW, WE KNOW THAT THE STATE IS GOING TO BE OFFERING NEW TAX INCENTIVES.

WHAT IS THE MIX THAT REALLY MAKES IT ATTRACTIVE?

>> I THINK THE BIGGEST THING IT HAS IS ITS PROXIMITY, IT'S LOCATION.

LOCATIONS IN MANHATTAN.

WE'RE RIGHT IN THE HUB.

YOU KNOW, HUGE ECONOMIC AREA.

SO, EVERYTHING THAT IS COMING INTO THIS AREA OR COMING INTO THIS COUNTRY IS BY THE AREA WHERE BAYON IS AND THE FACT THAT WE HAVE LAND TO BE ABLE TO START DEVELOPING AND BEING ABLE TO ATTRACT EACH COMPANY IS WHAT REALLY PUSHED.

I THINK IT SOLD ITSELF TO A LOT OF PEOPLE.

>> MAYOR, THANK YOU SO MUCH FOR YOUR TIME.

AND TALKING ABOUT THE PROJECT.

WE APPRECIATE IT.

>> NO PROBLEM.

THANK YOU VERY MUCH.

>>> BUSINESSES COME AND GO, BUT VERY FEW ARE IMPLODED.

HOWEVER, THAT IS WHAT'S HAPPENING NEXT WEEK TO THE FORMER TRUMP CASINO IN ATLANTIC CITY.

JUST A FEW DAYS AGO MAYOR MARTY SMALL ANNOUNCED LOGISTICS FOR THAT EVENT INCLUDING TIPS ON HOW TO SAFELY WATCH THE IMPLOSION OF A CASINO THAT WAS ONCE OWNED BY A FORMER PRESIDENT.

TRUMP PLAZA BACK IN 2014, BUT SINCE THEN, OF COURSE, NEW CASINOS HAVE OPENED IN ATLANTIC CITY AND ALL OF THEM ARE HOPING 2021 WILL BE A REBOUND YEAR.

THE CASINO INDUSTRY IS IN FOCUS FOR US THIS WEEK AS WE EXAMINE THE ODDS OF THAT RECOVERY.

LET'S BEGIN WITH HOW BAD 2020 WAS.

REMEMBER THE CASINOS WERE CLOSED FOR A FEW MONTHS AND STILL DEALING WITH PANDEMIC-RELATED RESTRICTIONS.

CASINO REVENUE DOWN NEARLY 17% COMPARED TO THE PRIOR YEAR.

SPORTS BETTING, THOUGH, IS STILL BREAKING RECORDS.

THAT'S TOPPED $6 BILLION LAST YEAR AND THAT WAS ENOUGH TO MAKE NEW JERSEY TOP PLAYER IN SPORTS BETTING UNSEEDING LAS VEGAS.

THOSE NUMBERS ARE HIGH BECAUSE A LOT OF SPORTS BETTING IS DONE ONLINE INSIDE ATLANTIC CITY'S CASINOS, IT'S STILL CHALLENGING BECAUSE COVID IS KEEPING CUSTOMERS AWAY.

RECENTLY I SAT DOWN WITH JOE, THE PRESIDENT OF ATLANTIC CITY HARD ROCK CASINO TO GET HIS THOUGHTS ON WHAT'S NEXT FOR HIS INDUSTRY AND ATLANTIC CITY.

WHAT ARE YOU THINKING ABOUT FOR 2021?

SOME RESTRICTIONS IN PLACE IN NEW JERSEY?

>> THERE ARE.

WE HOPE THE RESTRICTIONS EASE UP WHEN MORE PEOPLE ARE VACCINATED AND THE NUMBERS GO DOWN AND THE WEATHER WARMS UP.

WE ARE VERY BUSY HERE ACTUALLY LAST SUMMER WHEN COVID WAS MORE RAMPANT AFTER WE OPENED THE BOARDWALK WAS VERY BUSY.

WE'RE HOPING TO SEE THAT, AGAIN.

OBVIOUSLY, IT'S REALLY TOUGH FOR ME TO SAY.

I DON'T HAVE A CRYSTAL BALL.

WE'RE HOPING FOR THE BEST AND, AGAIN, WITH THE VACCINE ROLLING OUT THE BIGGEST DIFFERENCE THIS YEAR TO LAST YEAR WE'RE HOPING THAT PLAYS A ROLE AND PEOPLE FEEL SAFER TO COME OUT.

>> THE TABLE GAINS REVENUE FOR THE INDUSTRY IS WEAKER THAN IT'S BEEN.

DO YOU THINK THAT WILL REBOUND FOR THE INDUSTRY?

>> YES.

WELL, IT WILL REBOUND FROM 2020.

WE'RE, OBVIOUSLY, WHEN YOU LOOK AT 2020 VERSUS 2019, WE'RE CLOSED FOR QUITE A FEW DAYS AND A LARGE NUMBER OF PEOPLE WHO HAVEN'T COME BACK AND I THINK IT WILL TAKE, I THINK 2021 WILL BE A REBOUNDING YEAR.

I DON'T THINK THINGS WILL COME BACK IMMEDIATELY.

IT WILL TAKE SOME TIME.

2022 TO MEASURE HISTORICALLY VERSUS 2019.

BUT THERE IS MORE COMPETITION.

THERE IS MORE APTITUDE TO PLAY ONLINE.

WELL, I THINK COVID FORCED PEOPLE TO PLAY ONLINE AND THEY REALIZE NOW A GREAT MARKET OUT THERE TO PLAY ONLINE AND TABLE GAMES, AS WELL AS SPORTS, AS WELL AS CASINO GAMES.

SO, I'M NOT SURE IT WILL COME BACK TO THE LEVEL THAT IT HAS EVER BEEN BECAUSE OF ONLINE BUT YOU'RE GOING TO HAVE TO MIX THE TWO TOGETHER.

>> IT SEEMS, THOUGH, THAT HARD ROCK IS PRETTY ADAMANT ABOUT CONTINUED INVESTMENT IN THE PROPERTIES.

>> IT IS.

YOU KNOW, I THINK I HAVE TO GIVE CREDIT, NUMBER ONE, PUTTING IN OVER $500 MILLION INTO THE PROPERTY IS A BIG REASON WHY I THINK A LOT OF CUSTOMERS LIKE COMING HERE.

WE'RE THE NEWEST PROPERTY IN TOWN ALONG WITH OCEAN BUT THAT WAS UP BEFORE THE OLD REBEL.

SO, IT LOOKS GREAT, IT FEELS GREAT.

WE JUST PUT MORE MONEY AND RESOURCES INTO THERMAL IMAGES AND INTO CLEAN AND SAFE PROGRAM WITH OUR EMPLOYEES AND WITH SECURITY.

SO, I THINK WE HAVE A LITTLE BIT OF A BRIGHTER PROPERTY.

BUT WE REALLY HAVE BEEN LOOKING AT SPENDING SOME MONEY HERE ON PROPERTY.

>> ONCE RESTRICTIONS ARE LIFTED, DO WE ANTICIPATE BRINGING MORE PEOPLE BACK?

>> WE DO.

STAFFING IS A REAL INTERESTING ISSUE.

THE STIMULUS PACKAGE HASN'T HELPED STAFFING.

A LOT OF PEOPLE SIMPLY HAVEN'T COME BACK.

IT'S A REAL KIND OF INFLUX WITH STAFFING.

HOPEFULLY WHEN THINGS COME BACK, THE STAFF WANTS TO COME BACK.

I THINK WE HAVE A GREAT PROPERTY AND, OBVIOUSLY, WORKING AND GIVING BACK SO MUCH.

I THINK IT WILL BE BENEFICIAL TO US.

BUT WE, OBVIOUSLY, ARE LOOKING TO STAFF TO RAMP UP ONCE THE SUMMER COMES AND ONCE WE NEED MORE EMPLOYEES TO WORK HERE.

>> ONE POINT THAT YOU HAD MADE AND THIS IS BEFORE THE PANDEMIC WAS CONCERNS ABOUT INVESTMENTS IN ATLANTIC CITY, THE BROADER COMMUNITY.

AND YOU REALLY KIND OF TOOK LOCAL OFFICIALS TO TASK AND ASKED THEM TO DO MORE.

ARE YOU WORRIED THAT THE PANDEMIC AND THE ECONOMIC FALL OUT HAS CREATED MORE CHALLENGES IN THAT FRONT?

>> WELL, NO.

I THINK WHAT IT'S DONE IS PUT SOME LIGHT ON THE NEEDS.

THE TOWN HAS HAD, YOU KNOW, THE GAMING REVENUE NUMBERS HAVE ACTUALLY BEEN DOWN QUITE A BIT.

WE'RE VERY FORTUNATE THAT OUR NUMBERS HAVE BEEN UP.

BUT OVERALL THE TOWN'S NUMBERS HAVE BEEN DOWN AND IT'S HARD NOT TO UNDERSTAND THAT AND SEE THAT.

SO, WITH THE HELP OF THE GOVERNOR AND LIEUTENANT GOVERNOR AND WITH OUR OWNERSHIP, I THINK FROM MY STANDPOINT OUR LEADERSHIP HAS PROBABLY TAKEN THE LEAD ROLE IN TRYING TO REINVIGORATE CAPITAL DOLLARS PUT INTO THE CITY.

WE HAVE BEEN WORKING WITH QUITE A FEW PEOPLE HERE TO NOT ONLY MAKE AND THE CNJ AND MAKE THE POLITICIANS AND THE STATE AWARE WHAT'S NEEDED WHEN YOU COME OFF THE EXPRESSWAY.

WE NEED TO DO SOME WORK HERE ALONG WITH THE MAYOR, I GIVE THE MAYOR A LOT OF CREDIT.

HE'S BEEN VERY OPEN TO LISTENING AND I KNOW HE'S BEEN LOOKING FORWARD TO THOSE CHANGES BEHIND THE TRUMP PLAZA, DEMOLITION AND WHICH I WOULD HOPEFULLY PUT SOMETHING NEW THERE.

SO, I THINK THERE IS A LOT OF PEOPLE WHO ARE ACTUALLY WORKING TOGETHER MORE SO THAN EVER.

>> THANK YOU SO MUCH FOR YOUR TIME.

REALLY APPRECIATE IT.

>> MY PLEASURE, THANK YOU.

>> LAST WEEK'S SUPER BOWL WAS A BIG DEAL FOR GAMBLERS.

BETS PLACED IN NEW JERSEY FOR THE GAME TOPPED $117 MILLION, MORE THAN DOUBLE LAST YEAR.

RESULTING IN AN $11.3 MILLION WIN FOR THE STATE'S SPORTS BOOKS.

NONE OF THIS COMES AS A SURPRISE TO PLAY NJ ANALYST DUSTIN WHO HAS BEEN TRACKING THE METEORIC RISE IN NEW JERSEY SPORTS BETTING INDUSTRY.

DUSTIN, WE KNOW IN 2020 NEW JERSEY WAS SETTING ALMOST EVERY MONTH NEAR THE END RECORD AFTER RECORD FOR SPORTS BETTING.

CAN THAT CONTINUE IN 2021?

>> I THINK IT WILL.

WE'RE GOING TO SEE MORE THAN A BILLION DOLLARS IN SOME MONTH.

YOU'LL SEE A LITTLE BIT OF A DRAW BACK HERE EARLY.

FOOTBALL SEASON IS THE BIGGEST TIME FOR SPORTS BETTING.

SO, YOU KNOW, SPRING AND SUMMER, THESE ARE NOT THE BIGGEST MONTHS AND MARCH MADNESS AND COLLEGE BASKETBALL ROLLS AROUND.

NEXT MONTH WE'LL SEE SOME INCREASED NUMBERS OUT OF NEW JERSEY.

I SAY BY THE TIME THE FALL ROLLS AROUND, WE'RE BACK IN FOOTBALL SEASON AND NFL AND COLLEGE FOOTBALL GOING FULL STEAM AHEAD.

IF EVERYTHING IS GOING WELL IN THE WORLD AND THEN WE'RE GOING TO SEE EVEN MORE RECORDS LATER THIS YEAR FOR NEW JERSEY.

>> WHAT ABOUT THE FACT, THOUGH, THAT NOW MORE STATES ARE OFFERING SPORTS BETTING.

WILL THAT EAT AWAY AT NEW JERSEY'S LEAD?

>> I DON'T REALLY THINK SO.

THE ONLY THING THAT MIGHT IMPACT THAT IS IF NEW YORK LEGALIZES ONLINE BETTING.

A LARGE AMOUNT OF BETTING COMES FROM PEOPLE WHO LIVE IN NEW YORK AND ACROSS THE BORDER AND BET IN NEW JERSEY.

BUT ALL THOSE OTHER STATES DON'T REALLY IMPACT NEW JERSEY THAT MUCH, EVEN THOUGH PENNSYLVANIA IS LEGALIZED AND OTHER STATES AROUND MARYLAND MAY LEGALIZE IT.

THAT'S NOT GOING TO IMPACT NEW JERSEY.

NEW JERSEY HAS A ROBUST INDUSTRY THAT SHOULD KEEP GROWING ALONG THE CASINO INDUSTRY AND SHOULD BE, YEAH, SHOULD JUST BE A GROWING INDUSTRY FOR SOME TIME INTO THE FUTURE.

>> WE SAW A LOT OF ACTIVITY WITH NEW SPORTS FOLKS POPPING UP.

HOW WILL THE MARKET CHANGE IN NEW JERSEY THIS YEAR?

ARE THERE STILL OPPORTUNITIES FOR ADDITIONAL SPORTS BOOKS TO COME IN?

WILL THE CASINOS LOOK TO EXPAND EVEN MORE THEIR ONLINE PRESENCE?

>> I THINK SO, YEAH.

WE'RE OVER 20 BRANDS IN THE NEW JERSEY MARKET.

THERE'S MORE STILL TO COME.

BARSTOOL SPORTS BOOK MAY HAVE A WAY TO GET INTO NEW JERSEY.

THAT WOULD BE A BIG BRAND TO ENTER THE MARKET.

YEAH, I THINK EVERY BRAND THAT IS LARGE AND NATIONWIDE IS REALLY LOOKING AT NEW JERSEY AS THE BIGGEST MARKET AND FINDING WAYS TO GET MARKET SHARE THERE.

YOU KNOW, WE'VE SEEN A LOT OF BRANDS LIKE MGM AND ATLANTIC CITY HAS REALLY INCREASED ITS PRESENCE AND LOOKS TO GROW ITS SPORTS BETTING BUSINESS.

YOU'LL SEE MORE PROMOTIONS AND MORE TRYING TO GROW THE INDUSTRY BECAUSE A GROWTH SEGMENT FOR THE CASINO INDUSTRY RIGHT NOW.

>> I'M KIND OF SURPRISED THAT NEW JERSEY OVERTOOK LAS VEGAS.

CAN YOU EXPLAIN THAT TO ME?

IT STILL SEEMS TO ME THAT THAT IS WHERE MOST OF THE ACTION SHOULD HAVE BEEN.

SO, IT'S KIND OF UNUSUAL.

>> YEAH, I THINK IT PAINTS THE PICTURE OF WHY NEW JERSEY IS DOING SPORTS BETTING RIGHT.

NEVADA HAD IT FOR DECADES BUT HARDER TO REGISTER YOUR ACCOUNTS ONLINE.

IN NEW JERSEY YOU CAN DO IT FROM YOUR COUCH.

THE COMPANIES VERIFY WHO YOU ARE FROM ANYWHERE IN THE STATE AND IN IN NEVADA YOU HAVE TO GO TO A PHYSICAL SPORTS BOOK TO SIGN UP.

THAT HAMPERED IT, IT'S STILL BIG IN NEVADA, DON'T GET ME WRONG.

NEW JERSEY'S MODEL AND INDUSTRY HAS CREATED A WAY FOR IT TO GROW A LOT FASTER AND ONLINE BUSINESS IS MORE ROBUST AS A RESULT.

>> DO YOU THINK THERE IS ANY POSSIBILITY THAT AN EXPANSION ON THE TYPES OF SPORTS THAT ARE BET ON?

>> WELL, THERE'S PRETTY ROBUST AMOUNT OF THINGS YOU CAN BET ON ALREADY IN NEW JERSEY.

THERE ARE THINGS THAT YOU CAN, I MEAN, WHEN THE OLYMPICS HAPPEN, YOU MIGHT BE ABLE TO BET ON THE OLYMPICS.

THAT IS A RELATIVELY SMALL THING.

YOU KNOW, WE'VE SEEN MORE AND MORE INTEREST IN THE OVERSEAS SPORTS, ACTUALLY.

TABLE TENNIS OVERSEAS HAS BEEN A GROWTH DRIVER FOR SOME STATES JUST BECAUSE IT'S A SPORT THAT IS GOING ON WHEN THERE IS NO OTHER SPORTS GOING ON IN THE UNITED STATES.

SO, MORE AND MORE PEOPLE ARE TURNING TO THOSE THINGS WHEN, YOU KNOW, WHEN THERE IS NOTHING ELSE TO BET ON AND THAT'S INCREASED HANDLE IN SOME STATES.

IT'S A PART OF THE PICTURE IN NEW JERSEY, BUT YOU CAN ALREADY BET ON JUST ABOUT ANYTHING YOU WANT TO AS FAR AS SPORTS.

SO, I'M NOT SURE YOU'LL SEE A WHOLE LOT OF GROWTH IN THAT SEGMENT.

>> THAT PHRASE WHEN THERE'S NOT A LOT GOING ON.

THE PANDEMIC.

DO YOU THINK THE PANDEMIC HELPED TO ACCELERATE SPORTS BETTING AT ALL BECAUSE PEOPLE WERE STUCK AT HOME LOOKING FOR THINGS TO DO?

>> YEAH, I MEAN, EARLY IN THE PANDEMIC THERE WEREN'T A WHOLE LOT OF SPORTS GOING ON AND THEN PEOPLE WERE FINDING THE SPORTS THAT WERE ACTUALLY GOING ON.

YEAH, I THINK FINDING, YOU KNOW, EVERY INDUSTRY IS LOOKING FOR WAYS TO FIND BUSINESS ONLINE.

AND PEOPLE ARE GOING, HAVE GONE TO CASINOS LAST OR VISITING A SPORTS BOOK LESS OR LIMITED CAPACITY.

SO, YEAH, I THINK THERE'S DEFINITELY A CASE TO BE MADE THAT THE ONLINE PART OF SPORTS BETTING HAS REALLY HELPED CAPTURE AND DRIVE SOME GROWTH HERE WHEN OTHER THINGS ARE SLOWING DOWN.

SO, I'D AGREE WITH THAT.

>> DUSTIN, ALWAYS A PLEASURE TO TALK WITH YOU.

WE'LL TALK AGAIN, THANKS.

>> THANK YOU.

>>> CASINOS HAVE CASHED IN BY OPENING THEIR OWN SPORTS BOOKS BUT THEY WANT TO BE KNOWN FOR MORE THAN JUST A PLACE TO GAMBLE.

I ASKED JANE FROM STOCKTON UNIVERSITY LIGHT INSTITUTE WHETHER ATLANTIC CITY TRULY CAN BECOME A FAMILY RESORT DESTINATION.

>> MONEY TO CASINOS ARE ABLE TO HOLD ON TO REALLY, REALLY DROPPED.

THERE WAS ONLY ONE CASINO THAT DID BETTER, IN FACT, IN 2020.

WHEN YOU LOOK AT SOME OF THESE NUMBERS.

IS IT GOING TO BE A DIFFERENT STORY.

DO YOU THINK CASINO WILL PICK UP FOR THE CASINOS THIS YEAR?

>> ABSOLUTELY.

I MEAN, OF COURSE, IT ALL DEPENDS ON THE STATE OF THE VACCINE DISTRIBUTION.

BUT ALL SIGNS ARE POINTING TO THAT THE PANDEMIC SHOULD BE REASONABLY UNDER CONTROL IN TIME FOR THE BUSY SUMMER SEASON.

SO, THERE IS REASON TO BE CAUTIOUSLY OPTIMISTIC.

>> HOW DO YOU THINK THE PANDEMIC HAS CHANGED THE WAY CASINOS THINK ABOUT THEIR BUSINESS?

FOR INSTANCE, WILL THEY LOOK TOWARDS MORE DINING OPTIONS, MORE ENTERTAINMENT TO GET A REASON FOR PEOPLE TO ACTUALLY GET INDOORS INTO A CASINO.

I SPOKE WITH JOE AT THE HARD ROCK AND HE WAS LIKE, YEAH, MORE PEOPLE FIGURED OUT YOU CAN PLAY GAMES ON YOUR PHONE.

SO, TO GET THESE PEOPLE BACK INTO THE CASINOS, WILL THEY HAVE TO THINK MORE BROADLY?

>> YES.

ABSOLUTELY.

I THINK THAT'S BEEN A TREND THAT HAS BEEN HAPPENING FOR THE LAST FEW YEARS, BUT CASINOS DEFINITELY ARE TRYING TO DIVERSIFY THEIR OFFERINGS.

UNFORTUNATELY, ENTERTAINMENT, THE BIG GATHERINGS IS ONE OF THE SLOWEST SEGMENTS TO RECOVER FROM THE PANDEMIC.

SO, THAT WILL BE A CHALLENGE FOR THE CASINOS.

BUT THE OUTDOOR EVENTS THEY CAN CAPITALIZE ON IN THE SUMMER BUT THE INDOOR, LARGE-SCALE CONCERTS AND MEETINGS AND CONVENTIONS MAY TAKE A LITTLE BIT LONGER TO RECOVER.

BUT WE DO SEE THE CASINOS TRYING TO BRANCH OUT AND HAVE MORE ENTERTAINMENT OPTIONS TO BRING PEOPLE INTO THE CASINOS.

>> JANE, BEFORE THE PANDEMIC STARTED THERE WERE SOME PEOPLE IN ATLANTIC CITY WHO WOULD SAY, LISTEN, DO WE HAVE TOO MANY CASINOS?

WE HAVE SOME OPENINGS IN RECENT YEARS.

ARE THE CASINOS STEALING BUSINESS FROM EACH OTHER TO THE EXTENT THAT IT MIGHT BE DETRIMENTAL TO THE SURVIVAL OF SOME OF THE CASINOS?

>> WELL, I THINK IF YOU LOOK AT THE BEGINNING OF 2020, THINGS WERE LOOKING VERY PROMISING, EVEN WITH THE NEW ENTRANCE OF HARD ROCK AND OCEAN.

THE CASINOS WERE DOING FAIRLY WELL.

SO, I LOOK AT THE BEGINNING OF 2020 AS THE BENCHMARK THAT ONCE THE PANDEMIC IS OVER, THERE IS, THERE ARE SIGNS IN ATLANTIC CAN RECOVER.

>> DO WE NEED THAT MANY CASINOS?

THAT'S ANOTHER QUESTION YOU HEAR FROM TIME TO TIME.

>> WELL, IT IS HARD TO SAY DO WE NEED THAT MANY CASINOS.

BUT THE NEW CASINOS HAVE BROUGHT SOME NEW CUSTOMERS TO THE AREA.

SO, IT IS GOOD TO HAVE THE EXCITEMENT OF A NEW PROPERTY WITH NEW AMENITIES, ET CETERA.

SO, PERHAPS AND, YOU KNOW, SOME OF THE OLDER CASINOS THAT ARE NOT PERFORMING AS WELL MAY EVENTUALLY HAVE CHALLENGES.

BUT IN THE BEGINNING OF 2020, IT LOOKS LIKE EVERYONE WAS ON PRETTY SOLID GROUND.

>> IF YOU CAN, KIND OF WEAVE INTO THE CASINO BUSINESS WITH WHAT WE'RE SEEING ATLANTIC CITY AND IN SOUTH JERSEY AS A WHOLE TO ATTRACT TOURISTS TO THE AREA.

OF COURSE, ONCE THE PANDEMIC IS BEHIND US.

>> WELL, I MEAN, THE ONE THING I'M THINKING OF IS THE SHOW BOAT INDOOR WATER PARK.

I KNOW SHOW BOAT IS NOT A CASINO, BUT THOSE TYPES OF ATTRACTIONS WILL BRING MORE CUSTOMERS TO ATLANTIC CITY IN GENERAL WHICH WILL HELP THE CASINOS TO DIVERSIFY THEIR MARKETS, SO TO SPEAK.

>> THE OLD DEBATE ABOUT BECOMING A FAMILY RESORT, I GUESS.

>> YEAH, THAT'S BEEN A DEBATE OVER THE YEARS.

IF YOU REMEMBER TROPICANA AT ONE TIME HAD AN INDOOR AMUSEMENT PARK.

THEY EVENTUALLY TOOK THAT OUT AND PUT IN A POKER ROOM.

SO, IT IS A DEBATE WHETHER FAMILY ATTRACTIONS WILL HELP OR HURT ATLANTIC CITY.

BUT I THINK THE SWEET SPOT IS ADULT FAMILY ENTERTAINMENT.

SO, IT DOESN'T HAVE TO BE, YOU KNOW, CHILDREN IN BABY STROLLERS.

BUT FAMILIES WITH 21-YEAR-OLD CHILDREN CAN COME AND ENJOY THE ATLANTIC CITY AMENITIES AT THE CASINOS.

SO, I THINK THAT MIGHT BE THE SWEET SPOT.

>> JANE, GREAT TO TALK TO YOU.

THANKS SO MUCH FOR JOINING US ON "NJ BUSINESS BEAT."

>> OKAY, THANK YOU.

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