Here’s a rendering of the racino that Capital Play/Mohegan Sun wants to at Aqueduct should they get the franchise.
James Odato reports that bid presentations were made today for the rights to develop Aqueduct Racetrack in Queens, but he noted that the minority conferences of the Senate and Assembly know less about it than you if you continue reading.
Here’s the rest of Jim’s report on the situation:
Buffalo-based Delaware North, and partner Saratoga Racing & Gaming, may have blown out the competition in one category - cash up front. The group offered the state $370 million in fees for the rights to build and operate a 4,500-machine video lottery terminal racino at the Queens track.
Australia-based Capital Play and its partners Mohegan Sun of Connecticut say they are trumping the competition, offering $100 million in up front payments and a $400 million racino that will return $6 billion more to the state for public education purposes than any competitor over 40 years - a total of $22.7 billion over the period.
The group’s project is worth $700 million if the privately funded hotel and retail shops are included.
The third bidder, SL Green, with partners Seminole Hard Rock Casino, are last in line to make their presentations tonight.
The Paterson administration was hoping to get a $250 million one-shot from the winning bidder for budget purposes this year. It is also giving the winning bidder $250 million in borrowed money to help build the racino.
It will take at least a year for the winning bidder to put up a gambling hall. The winner will be decided by a panel that includes the representatives of Senate Republicans, Assembly Democrats and Paterson’s people.
The group listening to the presentations did not include the Assembly Republicans or the Senate Democats, who were not invited to the meetings.
Edward Wyck, a lawyer for the Assembly Republicans, was actually turned away. Assembly Minority Leader James Tedisco intends to call
Gov. David Paterson with a complaint, said Josh Fitzpatrick, Tedisco’s spokesman.
