Real Estate Tycoon Is Planning A $1B Casino Project...Without A License
Real estate tycoon Jeff Gural (pictured) is going ahead with his $1B Meadowlands casino—even though he doesn't have an Atlantic City casino license yet.
New Jersey legislators are considering allowing two casinos in the northern part of the state, but plan to give Atlantic City operators first dibs on the new licenses.
Gural is willing to partner with an Atlantic City operator to build his casino after already investing $120M in his new Meadowlands grandstand, the Wall Street Journal reports.
Gural says he could open the casino within months of receiving his license, which could be good news for Atlantic City operators.
“The Atlantic City casinos are not in any kind of financial shape to take on a project of this size on their own," Global Gaming Business Magazine publisher Roger Gros says. “This might be a match made in heaven, who knows.” [WSJ]