LESNIAK STATEMENT ON WELLS-FARGO ANALYSIS THAT INTERNET GAMING IS ATLANTIC CITY’S ONLY HOPE

‘In our opinion, this is one of the last chances the governor has to provide a lifeline to Atlantic City casinos,’ says Wells Fargo Analyst

TRENTON – State Senator Raymond J. Lesniak, D-Union, the author of S-1565, legislation which would allow casinos in Atlantic City to legally offer Internet wagering to gaming consumers throughout the State, issued the following statement today after Wells Fargo’s chief analyst for gaming, Dennis Farrell, identified the prospect of legal Internet gaming as the last best chance to revive Atlantic City’s economy:

“In today’s Wells-Fargo analysis, Dennis Farrell wrote: ‘In our opinion, New Jersey politicians are finally taking significant steps to revive the state's ailing gaming industry, while increasing state tax revenue… In our opinion, this is one of the last chances the governor has to provide a lifeline to Atlantic City casinos, as we believe the size of the online market could be almost half of the existing New Jersey gaming market's revenue.’

“I couldn’t have said it better myself.

“For anyone who still had doubts, today’s report from Wells-Fargo – one of the nation’s largest fiscal houses – should dispel those doubts, and provide incontrovertible proof that Internet wagering is the shot in the arm that Atlantic City’s casinos need.

“The experts are weighing in, and the overwhelming majority of opinions is that Internet wagering represents our best shot at resuscitating Atlantic City’s faltering economy. I hope Governor Christie reads the latest Wells-Fargo opinion, and acts soon to put our State’s casino industry on surer fiscal footing.”