New York Awards Aqueduct Casino To Aqueduct Entertainment Corp.

It has been a long drawn out battle, one in which Delaware North had previously won, but when the final decision was made about which development company will run an Aqueduct casino, Aqueduct Entertainment Corp. won the final round.

Aqueduct has been one of the most coveted locations for casino developers because it will be the only casino in the New York City area. Delaware North had won the rights to operate the casino back in October of 2008.

Part of the deal, however, was that Delaware North would make an up front payment of $370 million by March of 2009. The economic recession caused the company to ask for a change to that plan, but Governor Robert Patterson declined.

Instead, Patterson re-opened the bidding, and Aqueduct Entertainment came in with a better plan this time around. The major difference in the two proposals was Aqueduct's willingness to give the state $300 million up front. Their original offer was $200 million up front, but the extra $100 million completed the deal.

Construction on the casino is expected to start later in 2010. When completed, there will be 4,500 slot machines at the facility, which will be located at the Aqueduct racetrack in Queens. It is part of major gambling expansion that is taking place in the Northeast.

Pennsylvania lawmakers have recently legalized table games for casinos in the state, and they have passed New jersey in slot machine revenue for the month of December. Connecticut and New York are also states that have made up ground on New Jersey in competing for gambling customers in the Northeast.

January 30, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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