Panel recommends overhaul of NJ gaming, sports

EAST RUTHERFORD, N.J. (AP) - New Jersey plans to go all-in on Atlantic City casinos and bow out of horse racing.

Gov. Chris Christie on Wednesday announced the findings of a panel that reviewed the state's gambling, entertainment and sports industries.

The governor said he agreed with the panel's recommendations of a nearly complete state takeover of Atlantic City's casino district, closing the Meadowlands Racetrack and selling the Izod Center.

Casino executives are delighted. But opponents fear New Jersey will lose business to gaming venues in New York, Pennsylvania and Delaware.

The state would also offer a $175 million tax credit to revive the Xanadu retail and entertainment complex.