Monday, May 5, 2008

Desperate For Cash, State Goes To The Race Track

You may have heard it a hundred times, but this time it just might be true- gambling could be coming to Aqueduct Race Track and soon. The state is working feverishly to choose between 3 bidders including SL Green and the operators of Hard Rock Cafe. The plan would be to renovate the facilities and add 4500 "gaming machines" in what would likely amount to a 30 year, $10 Billion to $20 Billion deal. The state, which could not contain it's urge to spend (it's budget was 5% larger than last year), is hoping that a deal which would include an up-front licensing fee, would help close a $5 Billion budget shortfall. So, the incentive is clearly there to make this deal happen.
Short On Cash, State Hastens Plan For Casino In City (NY Times)
Albany Likely To OK Video Slots At Aqueduct (NY1)
3 Groups To Bid On VLTs At Aqueduct (Thoroughbred Times)

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