Governor Chris Christie, Senate President Stephen Sweeney and Assembly Speaker Vincent Prieto announce a bipartisan agreement for broad-based tax cuts and funding for the Transportation Trust Fund while in the outer office of the Statehouse in Trenton in late September. — Courtesy: Governor’s Office/Tim Larsen
By Real Estate NJ
Amid the stunning outcome of Tuesday’s presidential election, New Jersey residents voted as expected and overwhelmingly rejected a ballot question to expand casino gaming in the state.
A constitutional amendment to dedicate gas tax revenue to transportation projects passed by a much slimmer margin, with published reports putting the lead at just over 50 percent in the late hours of the night. The amendment, tied to a recent 23-cent increase in the state’s gas tax, was a cause championed by business and real estate industry groups and seen as a necessity in securing more than $1 billion to pay for sorely needed road and bridge repairs.
According to the Associated Press and Politico New Jersey, the margin for the gas tax question was 53.5 percent with 90 percent of precincts reporting. The result means lawmakers and governors cannot divert the money away from transportation projects, ensuring the real estate sector can rely on a better-maintained infrastructure.
Backers of the casino expansion question, which would have ended Atlantic City’s 40-year monopoly on gaming halls, conceded early. The AP reported that, with 93 percent of precincts reporting early Wednesday, the question was failing nearly 78 percent to 22 percent, according to NJ.com.
A yes vote would have allowed developers to build casinos at least 72 miles north of Atlantic City, in a bid to help New Jersey compete with increased competition from Pennsylvania and other states that lured gamblers away from the state. In recent years, places such as the Meadowlands and the Jersey City waterfront having emerged as potential destinations.
For more, see today’s stories by Politico New Jersey and NJ Advance Media.
More New Jersey real estate headlines
Another office building in Newark could be converted into residential use (Jersey Digs)
80K sq.ft. ShopRite brings 300 jobs to South Plainfield (NJBIZ)
