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http://www.bloodhorse.com/horse-racing/articles/58435/paterson-legislators-sign-aqueduct-vlt-pact?source=rss
Paterson, Legislators Sign Aqueduct VLT Pact
By Tom Precious August 17, 2010

It has taken three governors four different tries, but Gov. David Paterson and legislative leaders made it official Aug. 17: Genting New York will be the operator of the Aqueduct video lottery terminal casino.

… But while the approval by Paterson, Assembly Speaker Sheldon Silver, and Senate Democratic Conference Leader John Sampson appears to seal it for Genting, two last stops along the way are needed: Approvals from state Comptroller Thomas DiNapoli and Attorney General Andrew Cuomo.

… “Genting, a world-renowned and experienced gaming company, presented a thoughtful and comprehensive proposal for the VLT facility at Aqueduct,” Silver said in a statement. “We look forward to the development of a world-class gaming facility that will maximize revenue for the state of New York, create thousands of jobs, and greatly enhance economic development in the surrounding community for many years to come.”

http://www.timesunion.com/local/article/Will-deal-get-racing-back-on-track-618701.php
Will deal get racing back on track?
By DENNIS YUSKO August 17, 2010

A deal to subsidize horse racing in New York through proceeds from a nearly approved casino at Aqueduct Race Track

has horsemen and Saratogians practically skipping down Broadway.

… Malaysian resort and casino operator Genting New York LLC wants to have at least some of the 4,500 video slot machines in operation at the New York City track by April, a plan that is backed by Gov. David Paterson and the state Legislature.

It now requires only the signatures of the state attorney general and comptroller.

So it isn’t the “three men in a room” anymore? This is starting to sound a lot like Speaker Silver’s previous approval of AEG knowing the principals couldn’t withstand scrutiny.

How likely is approval by Cuomo or Di Hapoli until after the elections?

… NYRA would get 7 percent of the gross gambling revenue generated by the machines, and an additional 6.5 percent would be dedicated to the thoroughbred industry for race purses at NYRA tracks. If 4,500 slots at Aqueduct made $275 per machine, per day -- a conservative estimate -- NYRA would get $31.6 million a year for track improvements and operating costs, and purses would jump by $29.3 million a year.

But no takeout relief for customers.

… Final project approvals could come in days or weeks, though concerns have been raised about Genting's business dealings. Moving the project forward would cap nine years of off-and-on negotiations that left horsemen frustrated and racing teetering on insolvency.

… Under the Aqueduct deal, Genting would pay an upfront fee of $380 million to the state and assume responsibility for the $25 million that the state loaned NYRA. Building could start at Aqueduct after the fee is paid. The racing association would use money made by slots to pay back the $25 million to Genting. …

Choosing a bidder from a field of one has the odor of elections in the old Soviet Union

Cuomo could still decide the deal should be approved by the next governor, attorney general, Comptroller, and legislature with specific voter support for their stated positions instead of endorsing a decision by the current dysfunctional Governor and Senate.

If he approves prematurely, and Genting actually has a sleleton in its closet, then he can wave good bye to the Governor's office.

VLTs at Belmont (and not at Aqueduct) could be more lucrative long-term for both NYRA and the State, and would allow them to close Aqueduct sooner if slots don’t prove to be the savior that residents dancing in the streets of Saratoga seem to think they are.