Editorial: High-stakes game

For dozens of communities that planned to fund projects with gambling taxes from Atlantic City, Gov. Christie's plan to cut off future funding and reinvest these revenues exclusively in the New Jersey casino town may seem like a raw deal.

While the lion's share of more than $1.85 billion from a 1.25 percent tax on gaming revenues has been spent in Atlantic City, nearly $360 million has been invested in projects around the state.

By proposing that all future revenue raised by this tax go toward propping up the resort, the governor will force cities and towns expecting gambling revenue to find the money elsewhere - or cancel projects. Raw deal? Not really.

For one thing, millions of other gambling-tax revenues will continue to pour into the state's coffers, providing statewide benefits.

However, Christie probably has little choice but to restrict the funds distributed by the Casino Reinvestment Development Authority to projects only in Atlantic City. The home of the famed Boardwalk suffered a double-digit drop in gambling revenue last year. That means New Jersey's casinos no longer are assured of laying the golden eggs they have produced so regularly for 35 years.

With the East Coast gambling monopoly toppled by the arrival of slots parlors in Pennsylvania - and, now, full-blown casinos - it's reasonable to pull back and reinvest revenue in the resort's survival. After all, if Atlantic City isn't saved, there won't be any gambling revenue to go around for anyone.

Since Christie in July proclaimed a "dying" Atlantic City - and launched his proposal for state oversight of the casino district - the latest record-breaking gambling-revenue numbers have been issued for Pennsylvania. That's not good news for the Shore casinos.

The prospects for saving the resort city are further clouded by national trends that indicate gamblers in this ailing economy may be getting tapped out with the expansion of casinos.

All the more reason, then, that Christie's plan to rescue Atlantic City must be well thought out and broadened beyond gambling in an effort to capitalize on its unique oceanfront location.

Christie talked of remaking the resort into a "Las Vegas East." How would that look? Apart from not being able to duplicate Nevada's year-round temperate climate, Atlantic City has to compete for entertainment dollars with New York and Philadelphia.

With more questions than answers, it's good that Trenton lawmakers on Friday held the first of several summits to discuss Atlantic City's future. The governor doesn't have all the answers by any means, so legislators' input and support will be key.

In terms of exploring investments, the casino development authority itself has pointed the way: Its support of a blues venue, retail outlets, and other nongaming attractions at the casinos has helped expand Atlantic City's appeal beyond gambling.

If state officials opt for Christie's plan to put more gambling-tax revenue to work in Atlantic City itself, the hoped-for revival just might make it possible to again share gambling wealth more widely across the state.