JERSEY CITY - The Garden State could see another new casino, but nowhere near Atlantic City.

A proposal would put a $5 billion casino along the Jersey City waterfront, not far from Liberty State Park.

Lawmakers are considering a pitch from a venture capitalist that also includes a 95-story hotel, residential units, a ferris wheel and a race car stadium.

The investor, Paul Fireman, is reported to be a former Reebok executive.

Even though the plan is in its beginning stages, some are already concerned with traffic and crowds. Others say it could be good for the area. 

The state would have to change laws that restrict casinos from being built outside of Atlantic City.

Jersey City Mayor Steve Fulop says he supports the plan. "You're talking about 25,000 jobs and you're talking about tax relief for Jersey City."    

Many are questioning the idea of bringing gaming to an area outside of Atlantic City, after the recent announcement of the Showboat casino's closure. 

"I don't view this as competition with Atlantic City," Fulop says. "I view this as competition with casino expansion in Pennsylvania and New York."

The mayor says the casino could be on track for development within a year and a half.