ALBANY --
“Aqueduct Racino”
(note: the “G” in Genting is pronounced like “getting” NOT “gentleman)
Choosing an operator to run a so-called "racino" at the Aqueduct race track in Queens hasn't been easy. But the convoluted process that began way back in October of 2001 with the legislature authorizing gaming at the track made a big leap forward today.
The Malaysian gaming giant Genting today presented a $380 million check to the Lottery Division of the State of NY.
The photo op comes after 9 years and 3 governors, political favoritism, bankruptcy, criminal indictments, lawsuits and 1 recession.
The 4500 Video Lottery Terminals that Genting will be operating in Queens should conservatively bring in 700K dollars per day in revenue. The cash will be split between the state and the troubled New York Racing Association. Right in time too. The Comptroller issued a warning earlier in the year saying NYRA would be bankrupt within the year without this deal in place.
Mike Speller, President, Genting New York, says "At a time when current revenue is needed, this project will provide over $300 million a year in taxes for the State.”
So what finally clinched it? Racing expert Bennett Liebman, Racing Expert, Albany Law School, says 2 things: the professional way the Division of the Lottery handled the bidding process, and the scandals emanating from the awarding of AEG that it put pressure on the legislative leaders to agree to the awarding of Genting.
Comptroller Tom DiNapoli calls this a deal that "carries the future of New York’s racing industry on its back."
There are many reasons that horse-racing in NY and elsewhere is suffering, but the main issue is a shrinking fan base.
