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The revitalization of the Aqueduct Racetrack could include Hard Rock flare and more gambling sensibilities.
SL Green Realty Corp., the largest owner of commercial office properties in New York City, announced details of its plans to revamp the racetrack.
The arrangement includes the Hard Rock brand to help establish a full-fledged entertainment complex to include racing, gaming, retail and hotels. Marc Holiday, CEO of SL Green Realty Corp., said the synergy of the two heavyweight businesses will give the place a new spark.
“We are proud to announce an agreement with Hard Rock Aqueduct that permits two leaders in their respective industries to work together to create live entertainment, hospitality and retail offerings that will compliment the core horseracing and gaming enterprise at Aqueduct,” he said.
Currently the track is open seven months out of the year, but with these changes and others, the entertainment complex could become a year-round attraction.
This would also be pushed along with SL Green Realty Corp.’s vision to house 4,500 video lottery terminals. Aqueduct estimates each slot machine would generate approximately $225 in daily revenue. That could mean up to a $1 million per day, turning the track into a goldmine.
Right now there are three developers who have bids in with the state, each ready to pay a slot machine licensing fee of approximately $250 million.
Another aspect of the venture would include a Hard Rock hotel with restaurant, a spa and fitness center.
“By joining a preeminent real estate company with one of the world’s most recognized names in gaming, hospitality and entertainment venues, we have created a bold and exciting vision for Aqueduct that will preserve a historic Queens landmark and transform it into a global destination,” said Holiday.
There is competition from two other bidders in the battle for Aqueduct. Aqueduct Gaming, which included Saratoga Harness Racing, and a partnership between Mohegan Sun Casino with racing and gaming operator Capital Play.
Holiday seemed confident they have the winning bid.
“We expect to create a facility that will maximize VLT revenues to directly compete with Connecticut, New Jersey, and Pennsylvania,” he said.
The state is expected to pick one the plans in approximately two weeks.
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