State, casinos negotiating purse deal for tracks - 2004-02-08
The state is brokering an agreement that would have casinos add between $20 million and $25 million yearly to horse-racing purses in exchange for suspending the pursuit of video lottery terminals
at racetracks, according to a number of individuals close to the negotiations.
The two industries are hoping to finalize a deal by the end of the month.
Casino bosses, however, have rejected an offer from state Senate President Richard Codey, D-Essex, to take a cut of profits from VLTs, a form of slot machines, at racetracks. They say their share of the VLT proceeds wouldn't make up for the damage that competition from racetrack slots would cause to their $9 billion investment in Atlantic City.
Read the full story at Press of Atlantic City 
