Developer Fails, New York And Aqueduct Looks For New Casino Bids

Another casino will be coming to the state of New York, it just might take a little longer than expected. That is thanks to Delaware North, the company who was paying the city $370 million for the rights to build a casino at Aqueduct Racetrack.

The company acknowledged on Wednesday that they would not be coming up with the large sum of money that is necessary to move on with the project. The company had been hoping to get financing for the casino, but the credit market is preventing that from happening.

"We were very disappointed to learn that the state cannot accept our proposal to restructure the financial offer," said William Bissett, the person responsible for leading the Aqueduct effort, in a statement.

Now that Delaware North is out of the picture, the state will have to re-open the bidding. This time around, however, they may not find any developers willing to pay that kind of money with the current economy the way it is.

While the state was discouraged that Delaware North could not proceed, they made a statement saying that they will move forward with their plans. They are still expecting to have a casino at Aqueduct before long.

The state currently has a $14 billion budget deficit, and the casino at Aqueduct was going to be a big part of cutting into that deficit. Projections had the casino making the state more than $10 billion over a thirty year period.

March 12, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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