Delaware North Granted Rights To Develop, Run Aqueduct Casino
New York state officials “have given final approval to Delaware North to build and operate a casino at Aqueduct Racetrack -- making it the only legal casino in New York City,” according to Tom Precious of BLOODHORSE.com. The casino “will feature 4,500 video lottery terminals,” and Delaware North “recently indicated it is also interested in building other amenities on the site, including a hotel.” The casino contract is for 25 years, and officials said that the facility “could be open within about 15 months.” Delaware North beat out two other bidding teams: N.Y.-based developer SL Green and its partners, which offered the state $250M in up-front payments, and Capital Play, which offered $100M. The Aqueduct casino will cost “more than $250[M] to build” (BLOODHORSE.com, 10/22). DAILY RACING FORM's Matt Hegarty writes the casino is "expected to become one of the most lucrative casinos on the East Coast." Officials estimated that the casino "will draw $500[M] annually in wagers from 4,000 machines" (DRF.com, 10/23). Precious, in the BUFFALO NEWS, writes the deal is a "major corporate boost" for Delaware North given Aqueduct's "prime location" (BUFFALO NEWS, 10/23).
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