Delaware North Backs Out Of Deal To Develop Aqueduct Racino
 |
Delaware North Says It Cannot Get Financing For
$370M Commitment To Aqueduct's Racino |
Delaware North has "backed out of the deal" to run Aqueduct's racino, delivering a "potentially devastating blow" to New York racing, according to Paul Post of the THOROUGHBRED TIMES. Delaware North had "pledged to give the state $370[M] for the contract to operate 4,500 video lottery terminals" (VLTs) at Aqueduct, which were "expected to generate" $450M annually. Construction was "expected to begin this month," but Delaware North said that the economic crisis "has made it impossible to secure the necessary financing." New York Thoroughbred Breeders Inc. lobbyist Edward Bogdan III said NYRA "can't exist without VLTs," and the organization will "have to come back to the state" for more money. Delaware North Gaming & Entertainment President William Bissett said that the state "plans to rebid the whole project." Post noted the firms that competed against Delaware North for the contract were Mohegan Sun and SL Green Realty Corp., partnered with Hard Rock Entertainment (THOROUGHBREDTIMES.com, 3/10). In Albany, James Odato notes the withdrawal left New York Gov. David Paterson "trying to figure out where the state would get $370[M] expected by March 31 and who will develop" Aqueduct. Bissett said that he was "disappointed the Paterson administration would not accept the $370[M] under a restructured payment schedule," as the "weakened credit markets had interfered with Delaware North's plans to deliver the cash" (Albany TIMES UNION, 3/11). In Buffalo, Tom Precious notes Delaware North's $370M "up-front payment to the state was $120[M] higher than the next closest bid." Aqueduct would have been the "first legal gambling hall" in N.Y. under the plan (BUFFALO NEWS, 3/11).
|
Related Stories By Company
|
Related Stories By Sport
|
NYRA Eyeing Zenyatta-Rachel Alexandra Race
August 19, 2009 :
SportsBusiness Daily
Breeders' Cup Deal May Hinge On Tax Break
October 9, 2008 :
SportsBusiness Daily
NYRA Likely To Emerge From Bankruptcy
September 12, 2008 :
SportsBusiness Daily
Horse Racing Venues See Decline In Numbers
September 4, 2008 :
SportsBusiness Daily
Saratoga Race Course Enhancing Ad Presence
August 5, 2008 :
SportsBusiness Daily
|
Churchill Downs Plans Six Night-Time Races
November 18, 2009 :
SportsBusiness Daily
CDI Has Deal To Acquire Youbet.com
November 12, 2009 :
SportsBusiness Daily
Laurel Park, Pimlico Dates, Purses Flat
November 11, 2009 :
SportsBusiness Daily
Breeders' Cup Sees Attendance Gain In L.A.
November 9, 2009 :
SportsBusiness Daily
Breeders' Cup Expects Attendance Bump
November 6, 2009 :
SportsBusiness Daily
|
|
