Wood Memorial Day at Aqueduct Racetrack on April 9th - $1,000,000 Purse

The $One Million Grade 1 Resorts World New York Casino Wood Memorial, scheduled for Saturday, April 9, serves as the final prep race on the NYRA circuit for the prestigious Triple Crown, comprising the Kentucky Derby, Preakness, and Belmont Stakes.


Mentioned as a probable contender for the Resorts World New York Casino Wood Memorial is Queens native Mike Repole's undefeated Uncle Mo. The 3-year-old son of Indian Charlie won the 2010 Eclipse Award for Champion Two-Year-Old Male and is the current favorite for the Kentucky Derby.


The spectacular race card will also include The Carter (G1), The Bay Shore (G3), and The Comely (G1). NYRA will offer a $500,000 Guaranteed All Stakes Pick 4 on races 7 - 10.


All guests will receive a free commemorative Uncle Mo bracelet.


Post time is 1:00 pm EDT.

Genting to Present $1 Million Resorts World New York Casino Wood Memorial

The purse for this year’s renamed Resorts World New York Casino Wood Memorial, Aqueduct Racetrack’s premier race, will increase to $1 million through a presenting sponsorship from Resorts World New York to The New York Racing Association, Inc. (NYRA), officials from both groups announced today.

“We are honored to be a part of this historic race that has been a staple of Queens for decades,” said Mike Speller, President of Genting New York. “From the beginning, one of our goals in building the new casino facility at Aqueduct has been to strengthen and support New York’s storied horse racing industry. Through this partnership with NYRA, we have taken a significant step in that direction. This year’s Resorts World New York Casino Wood Memorial is sure to be a spectacular event that will bring out racing enthusiasts and make all of New York proud.”

The Grade 1 Resorts World New York Casino Wood Memorial, scheduled for Saturday, April 9, serves as the final prep race on the NYRA circuit for the prestigious Triple Crown, comprising the Kentucky Derby, Preakness, and Belmont Stakes.

“Resorts World has been a great partner and this sponsorship reflects the depth of their ongoing commitment to New York racing,” said NYRA President and CEO Charles Hayward. “We are eagerly anticipating the opening of the Resorts World New York Casino, a cutting-edge facility that will help create stability for the state’s thoroughbred industry and reinvigorate the community surrounding Aqueduct Racetrack.”

Mentioned as a probable contender for the Resorts World New York Casino Wood Memorial is Queens native Mike Repole’s undefeated Uncle Mo. The 3-year-old son of Indian Charlie won the 2010 Eclipse Award for Champion Two-Year-Old Male and is the current favorite for the Kentucky Derby.

The 1 1/8-mile Wood Memorial has long been a springboard to Derby success. Beginning with Triple Crown winner Gallant Fox in 1930, 11 Wood winners have gone on to take the Run for the Roses, among them Triple Crown heroes Count Fleet (1943), Assault (1946) and Seattle Slew (1977), as well as Twenty Grand (1931), Johnstown (1939), Hoop Jr. (1945), Foolish Pleasure (1975), Bold Forbes (1976), Pleasant Colony (1981) and Fusaichi Pegasus (2000). In addition, Secretariat finished third in the 1973 Wood before going on to sweep the Triple Crown, culminating with his incomparable 31-length victory in the Belmont.

Resorts World New York’s Aqueduct redevelopment project – expected to open later in the Summer – will include 4,525 Video Lottery Terminals, two new restaurants, a two-story sports bar and other structural improvements to the area adjacent to the racetrack including a new parking structure, renovations to the existing racetrack facilities and the construction of an enclosed walkway from the MTA subway stop to the casino entrance.

Once fully operational, Resorts World New York is expected to permanently employ about 1,000 workers in the entertainment, hospitality, security and food-service fields.

Resorts World New York Condenses Schedule to Ensure Dynamic Late Summer 2011 Opening & Full Completion of Facility by End of Year

Addition of almost 1,000 Video Lottery Terminals to stage 1 opening; Main entry, Porte Cochere, International Buffet; and Parking Garage to now be included in first stage of opening;

Resorts World New York today announced a condensed opening schedule that will allow the new casino at Aqueduct Raceway to open its doors with far more components in place months earlier than expected.

Under the schedule, 2,500 Video Lottery Terminals will be operational – rather than the 1,600 originally slated – when the casino opens in the late Summer.

“This accelerated schedule will allow for not only a more robust opening and better customer experience with more food and beverage facilities than previously planned, but the completion of the facility – including the operation of all 4,525 Video Lottery Terminals -- by the end of 2011, three months ahead of schedule,” said Mike Speller, President of Resorts World New York Casino.

With the accelerated schedule – which will now take place in two phases, rather than three – not only will more VLTs be operational when the first stage launches, but the main entry, the porte cochere, the international buffet and the parking garage will be part of the initial opening, as well.

Other elements opening in phase 1 will include:

• A seven-outlet food court
• The 360 Bar and entertainment space
• A grab-and-go quick food outlet

Elements originally slated for phase three including the building of a skybridge connecting the “A” train station to the casino entrance will now be completed by the end of 2011, rather than the Spring of 2012.

Other elements opening in stage 2 include:

• The remaining 2,000 VLTs
• Two fine dining restaurants, Genting Palace and RW Prime
• An additional grab-and-go quick food outlet.
• Colony lounge and the VIP Crockfords Casino
• Another Bar with views of our first floor entertainment bar

Once fully operational, Resorts World New York is expected to permanently employ about 1,000 workers in the entertainment, hospitality, security and food-service fields.

Casino Construction and Round the Clock Simulcasting at Aqueduct by Brian Jackson - New York Horse Racing | Examiner.com

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You knew it was coming, folks. Well, guess what? It's come. The backstretch at the Aqueduct Racetrack is closed. I know - considering the season, it's kind of anti-climactic. Aqueduct Racetrack is closed for training and will not reopen until April 14, 2011. All things considered, it's good news for the New York Horse Racing Association. The closing is to allow for more construction on a new casino (Genting's Resorts) that will certainly help to subsidize the New York horse racing industry at large.

The 350+ horse stables being affected by the closing have been moved to NYRA's Belmont Park, and will return when construction is finished. The move will allow uninhibited construction of the casino to take place, which means the sooner New York residents will have slot machines and casino table games to supplement their horse racing wagers. At least that's the theory. Despite the closing, Aqueduct remains an active place with live simulcasting taking place round the clock.

The NYRA is also staying active during this harsh winter season, and has begun hosting a new "dark day" television show called "The NYRA Network Presents Raceday". Airing strictly on dark days on Channel 71 of the NYRA television network (generally Monday's and Tuesday's), the new show will cover the latest happenings in the horse racing industry (What else, right?). Hosts include NYRA TV Director and race caller, John Imbriale, along with various NRYRA TV analysts.

Helping to fill the void left by the NYCOTB Racing Network (NYCOTB was shut down late last year), the NYRA Network Channel 71 airs racing content for 12 hours straight: 11 am to 11 pm. When NYRA's live races are wrapped up, the channel airs highlights from the most popular simulcast signals around the country. Check it out!

Genting Wants More Than 4,500 VLTs by James M. Odato - Capitol Confidential

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It has yet to open its Aqueduct race track racino, but Genting officials this morning already started talking about currently illegal expansion to allow for Las Vegas-like casino games.

Michael Speller, president of Genting’s proposed racino in Queens — named Resorts World New York — told a Senate racing and wagering hearing that he foresees no obstacles to opening the new facility by midsummer. But he told the Senate panel that it would be swell for Aqueduct, the state and the other racinos statewide to offer table games.

He said the competition in New Jersey, Pennsylvania and Connecticut can all offer such casino games, and it would be wise for New York to do the same to keep revenues in the Empire State, Speller said. Genting entered into a contract with the state to become a Division of the Lottery franchise offering up to 4,500 video lottery terminals at Aqueduct.

“I agree with you,” said Senate Committee on Racing, Wagering and Gaming Chairman John Bonacic, R-Mount Hope. He said he would like a constitutional amendment to allow for such additional gambling. He also mourned the fact that past attempts to change the Constitution to accommodate for casinos all failed.

“I have visited those places you refer to, and they’re all eating our lunch,” Bonacic said.

Other participants in the hearing on the future of gambling in New York included the New York Racing Association, which suggested that Off-Track Betting corporations should be working with NYRA for operational efficiencies and that the racing and wagering model in New York must be restructured to avoid disaster. NYRA President Charles Hayward said that there should be no concern that the Saratoga meet won’t occur this year. Last year his calls for financial help from the state set off speculation that the summer racing schedule would be in jeopardy. Others spoke about their interest in having the OTBs consolidate. Bonacic said he suspects a bill calling for that will emerge.

Aqueduct Sees Spike In Numbers | Standardbred Canada

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New York Racing Association President Charles Hayward has gone on the record as saying that he is surprised with the turnout and wagering popularity of the Aqueduct racetrack for thoroughbreds, which has seen its numbers go up during a time of industry upheaval and terrible weather in the state.

An article by The Saratogian explains that the raceway has seen its on-track handle rise 56.5 per cent, its wagering via telephone betting spike 70 per cent, and its internet wagering jump 150 per cent, all while its attendance figures are on the increase, too.

“We are extremely pleased with everything at this point,” Hayward was quoted as saying.

He went on to say, “It's still early, but if you had told me we could draw new fans to Aqueduct in winter, I never would have believed it.”

(With files from The Saratogian)

Lack of OTB Action Brings Bigger Crowd to Aqueduct by David Grening - ESPN

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There was something seen Saturday at Aqueduct that is rarely seen this time of year.

Lines. Lines at the mutuel windows. Lines at the food concessions. Though perhaps not enjoyable for those who had to stand and wait in those lines, the sight of people at the racetrack was encouraging to New York Racing Association officials who are trying to cope with the potential significant loss of business due to the closure of New York City Off-Track Betting Corp. on Wednesday.

A crowd of 5,444 attended the races at Aqueduct on Saturday, a 61-percent increase over last year's attendance of 3,378 for the corresponding Saturday. The ontrack handle of $1,065,015 was up 21 percent from the $882,760 wagered ontrack last year. All-sources handle was $8,798,355, down 7 percent from last year's $9,491,999 last year.

Intrastate handle was down $1,122,938 from last year with $1,044,255 of that having been handled at NYC OTB, according to NYRA statistics. Interstate handle was $6.4 million, a 4-percent increase from last year.

"I thought today exceeded my expectations a little bit," said Charles Hayward, NYRA president and CEO. "It was nice to see the place packed."

A total of 164 patrons took advantage of NYRA's free bus service from select OTB locations in Brooklyn, Queens, Manhattan, and Staten Island to Aqueduct. That service will be expanded beginning Wednesday - see nyra.com for details - but is not offered for dark-day simulcasting. Also, NYRA signed up an additional 105 NYRA Rewards Accounts on Saturday with "hundreds" more inquiries.

Due to Saturday's large crowd, NYRA was expected to open two additional concession stands at Aqueduct on Sunday. Also, Sunday, NYRA was to begin its experiment with opening Belmont Park's first floor, the Belmont Café, as a simulcast facility. On Monday and Tuesday, both Belmont and Aqueduct will be open for dark-day simulcasting.

Hayward said that he feels NYRA has made progress with New York City officials in its attempt to restore the signal to Channel 71, the channel formerly utilized by NYC OTB in the five boroughs.

"We're hopeful to get it back on Wednesday," Hayward said.

As far as the video-streaming of NYRA's races on-line, that is something that is still being discussed.

Hayward said he sent a letter to the New York State Racing and Wagering Board proposing a 120-day pilot program, during which any regulated in-state advanced deposit wagering entity could video stream NYRA's races.

"We're hoping to resolve that one way or another next week," Hayward said.

OTB Restructuring Fails Senate, Corp. Set To Close Tonight by Matthew Hampton - Forest Hills, NY Patch

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Click on image to enlarge.
Closed OTB on Crossbay Blvd/Liberty Avenue in Ozone Park. Photo: Lost in the Ozone 

The restructuring bill that would have saved New York City's Off-Track Betting Parlors in the city was voted down in the senate Tuesday afternoon, possibly sealing the fate of up to 1,000 workers in New York City.

The rescue, which required 32 votes for passage, received 29 out of 50 votes in the senate on Tuesday afternoon.

The vote broke down almost perfectly along party lines, with State Sen. Frank Padavan, R-Bellerose, and Roy McDonald, R-Saratoga, the only Republicans who voted for the plan.

In and around Forest Hills, every local senator voted in favor of the restructuring.

State Sen. Toby-Ann Stavisky, D-Whitestone, voted yes on the restructuring plan, which was put together by Gov. David Paterson and passed the assembly earlier this year. State Sen. Joe Addabbo,D- Ozone Park, who spent much of his first term working to put together the Aqueduct revitalization, also voted yes on the restructuring. State Sen. Shirley Huntley, D-Jamaica, voted yes.

Stavisky said she was extremely disappointed in the vote because of the jobs which are likely to be immediately eliminated in the city.

"I was hoping to save the 800 jobs, quite frankly. This is not the time of the year when you tell 800 people goodbye," she said. "But it just continues the Republican pattern of voting 'no' on anything."

Stavisky added that in a state where horseracing used to be king, the repurcussions of the loss of off-track betting in New York City would be widely felt.

"This is going to have a statewide impact. Horsebreeders, farms, this affects way beyond the five boroughs," she said.

There were 10 senators who did not attend the vote, including several from New York City.

New York City Councilman David Greenfield, of Brooklyn, took to Twitter to register his frustration.

Click on image to enlarge.
Notice on Door of OTB at Ozone Park branch. Photo by - Lost in the Ozone 

New York State Senate rejects OTB bailout by three votes. It might have passed, but 10 Senators didn't even show up," Greenfield wrote.

Many in the chamber voiced their displeasure with the fact that there was no way to work with the state Assembly on a compromise bill, since the Senate went into extraordinary session alone.

A statement on NYC OTB's website stated that the corporation would begin closing processes effective immediately.

"Due to a lack of unrestricted funds to continue in business, NYC OTB will be ceasing all pari-mutuel wagering operations today, Tuesday, December 7, 2010 as per our Board of Directors vote, and will proceed to the orderly winding down of its business affairs," the statement read.

Three sites, including the OTB parlor in Forest Hills, will be open for six extra days, starting Dec. 8, to allow customers to cash out accounts.

New York State Assembly Member Michael G. Miller’s Aqueduct Flea Market Statement...

New York State Assembly Member Michael G. Miller today issued the following statement on the decision to discontinue the Aqueduct flea market:

“I am disappointed in the Genting, NYRA, and Lottery Division decision to longer house the Flea Market at Aqueduct. Because the Flea Market has been around for over twenty-five years and provides over a thousand jobs, I am committed to working with my colleagues in government, the management of the flea market, and our community to find a suitable location for this community institution.”  

After Years in Limbo Aqueduct Project a Reality by Stephen Geffon - Leader-Observer -

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Governor David Paterson and Genting Chairman K.T. Lim were joined last Thursday by elected officials at Aqueduct Racetrack in South Ozone Park to officially break ground on the Resorts World New York casino.

“With today’s groundbreaking, New York continues its confident march out of recession and back to prosperity and job growth," said Paterson.

Tutor Perini, the project’s general contractor, is in the midst of hiring and actual work is scheduled to begin in the next couple of weeks.

“This is one of the proudest days in the history of the Genting organization,” said Lim. “Working alongside our neighbors in the South Queens community, we will deliver a world class tourism and entertainment facility that all New Yorkers can be proud of.”

Genting spokesperson Stefan Friedman said that just months after being awarded the contract, the firm has already started ramping up its hiring for the project’s more than 1,300 construction jobs and will soon announce job fairs for the 800 permanent jobs that will be created at Resorts World New York.

Genting won the rights to develop Resorts World New York with a bid that included a $380 million, one-time payment. Friedman said the company predicts that the state will receive at least $300 million annually in revenue generated from the casino.

The New York Racing Association (NYRA) will receive seven percent of the racino's revenues.

“This long-awaited project couldn’t come soon enough for the people of Queens, as it will create exactly the right kind of jobs – good-paying, stable and local - that are in such high demand throughout this neighborhood,” said State Senator Joseph Addabbo.

According to Friedman within six months, a significant portion of the casino's 4,525 Video Lottery Terminals will be operational. Six months later, all of the VLTs will be up and running and all interior work will be complete. In just 18 months, all interior and exterior renovations – including the building of an enclosed skybridge from the A train to the resort's entrance – will also be finished.

“Genting’s Aqueduct restoration project will not only vastly improve one of Queens’ most iconic institutions, but will also have an unprecedented impact on the economic growth of our neighborhoods,” said Community Board 10 Chair Betty Braton.

Pols Cheer After Aqueduct Racino Groundbreaking, but Vendors Jeer, Saying They're Being Sold Short by Kate Nocera - NY Daily News

I find the Daily News headline to be misleading..In addition to the politicians at the groundbreaking, I think the over 1000 members of the community (me included) who attended the premier event were cheering, as well...I believe the Genting New York's new World Resorts New York will provide much needed jobs and provide financial stability to Ozone Park, Aqueduct Racetrack and the surrounding areas...

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About 100 merchants from the Plain and Fancy flea market protest Thursday's Aqueduct groundbreaking ceremony.

Vendors who operate a flea market in Aqueduct race track's parking lot say odds are they'll be the big losers now that developers have broken ground for a new casino.

A group of 100 vendors from the Plain and Fancy flea market protested yesterday's groundbreaking ceremony, which was attended by dignitaries and elected officials, including Gov. Paterson. The vendors say they have not been told where they will be able to move when the market's lease expires in December.

"The flea market has been here for over 25 years," said food vendor Alfredo Goyochea, 42. "These are good local jobs. If the market is not here I don't know what I will do."

Casino developer Genting New York has said the project will create nearly 1,300 construction jobs and 800 permanent jobs for the community.

Dan Silver, a spokesman for the New York Racing Association, which runs Aqueduct, said the association and Genting "are discussing what will happen next" for the displaced vendors.

But the merchants who sell from the South Ozone Park market three times a week said the construction will cost them their livelihood if they don't find a similar site.

"We are not against the casino," said clothing vendor Michael Aziz, 34. "But there are 1,000 vendors here who hire at least one or two workers. Those are permanent jobs. For many of us this is our only source of income."

It's not just the vendors who are upset about the market's potential shuttering.

"I'm on a fixed income so I buy everything I need here," said Georgia Bynes, 72, of South Ozone Park. "I buy my food here, my clothes, all my children's clothes. It's what I can afford. This is a great thing for this low-income community."

It was unclear to many of the vendors whether NYRA or Plain and Fancy's management is responsible for finding the market a new home. NYRA is under no obligation to renew the market's lease, an official said.

"We just want someone to tell us something," Aziz said. "There has been no communication. We just want to be able to sit down and discuss our future with them."

The management of Plain and Fancy has not told the vendors their plans for moving the flea market, and discouraged vendors from protesting the groundbreaking, vendors said. Plain and Fancy did not return repeated calls for comment.

Genting Ponies Up the Dough for Aqueduct Racino by Stephen Geffon - Leader-Observer

After almost ten years, the deal at Aqueduct Racetrack is finally completed...

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Aqueduct’s designated casino developer delivered the promised $380 million to the State Lottery Division last Friday. Governor David Paterson announced that on September 24 the State of New York received the $380 million upfront payment from Genting New York LLC to develop and operate a casino at Aqueduct Racetrack in Ozone Park.

"All along, I've said that securing this deal and moving ahead with the project at Aqueduct is critical for the future of New York," Paterson said. "The state, in partnership with Genting, has the opportunity to create jobs for the community and to revitalize this area. After almost a decade of delay, this project is finally becoming a reality and all New Yorkers will benefit."

According to Lottery Director Gordon Medenica, the project will primarily benefit the schoolchildren of New York since all of the Lottery's profits go to education funding.

Mike Speller, president of Genting New York, said, "Genting is excited to have crossed the finish line and will now quickly get to work building a first-class casino that will not only showcase the best in gaming and entertainment, but will result in more than 2,000 jobs and significant recurring revenue for New York State."

Genting was recommended by the New York Lottery to Governor Paterson on August 3. Over the past six weeks, the recommendation has been affirmed by both the State Senate and Assembly and the contract with Genting has been approved by the Office of the Attorney General and Office of the State Comptroller.

Genting’s plans for the $1.3 billion Aqueduct project include 4,525 slot machines, several restaurants, a 34,000-square-foot meeting site for corporate and community events, a 2,100-space parking garage, a new pedestrian walkway from the adjacent subway stop. The firm is also proposing to build three hotels.

“And, of course, we will still have horse racing at Aqueduct,” said Speller.

Speller said that construction of the first phase of the project will begin once regulators complete a review to determine whether it is in compliance with the state Environmental Quality Review Act, a process that typically takes one to two months. Six months after construction begins Genting expects to have 1,600, out of the 4,525 video lottery terminals approved for the facility in operation, with the full casino opening one year after the project is started.

There are estimated to be 1,300 construction jobs and 800 permanent jobs.The racino is projected to generate more than $650 million in gross gaming revenues per year. The New York Racing Association (NYRA) is slated to get 7 percent of that revenue. Once operational, the VLT’s are expected to generate more than $1.5 million a day in tax revenue for the state.

Hold Your Bets on the Aqueduct Deal - DiNapoli's Office Has Reservations About Bid Winner Genting by Ken Lovett - NY Daily News

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State Controller Thomas DiNapoli must sign off on the deal for the racino at Aqueduct, and he has questions for Genting New York, the winning bidder. 

The latest plan for the Aqueduct racino is no sure bet, the Daily News has learned.

State Controller Thomas DiNapoli has worries about the latest deal - and he must sign off on it before it becomes official.

"We have not received the contract yet, but we have had preliminary discussions with the lottery about some of our concerns," said DiNapoli spokesman Dennis Tompkins.

Sources said the controller's office is worried that the company picked to run the lucrative video-slots parlor, Genting New York, was the sole qualified bidder to emerge.

DiNapoli's office also raised concerns about Genting's 3% stake in MGM Grand, which works with Pansy Ho - whose father is a Chinese casino magnate with reported mob ties - at its Macao casino.

The State of New Jersey was so uncomfortable with MGM's relationship with Ho that regulators forced the company to sell its share of the Borgata in Atlantic City.

One source said the controller's objections are unlikely to torpedo the project. Tompkins wouldn't comment on the severity of DiNapoli's concerns.

DiNapoli and state Attorney General Andrew Cuomo both must okay the pact that Genting reached with Gov. Paterson and legislative leaders.

Cuomo's office, which is checking to make sure the contract passes legal muster, also has had some questions, sources said.

In recommending Genting, lottery officials hailed the proposal as the best they'd seen in the nine-year slog to launch a racino at the Queens track.

Lottery spokeswoman Jennifer Givner played down the concerns from both offices. "I think this is part of their due diligence," Givner said.

Assembly Speaker Sheldon Silver, who is close to DiNapoli, said he believes the deal ultimately will go through.

"I don't think any of these questions raise significant issues," Silver (D-Manhattan) said.

The cash-strapped state is set to receive $380 million from Genting within 10 days of Cuomo and DiNapoli signing off on the contract.

This year, Paterson picked the politically connected Aqueduct Entertainment Group, which boasted the influential Rev. Floyd Flake as a partner, to run the racino.

The deal fell apart this spring when the Lottery Division deemed the group "unlicensable."

klovett@nydailynews.com

Genting Malaysia Likely to Secure Aqueduct Project - BorneoPost Online - Borneo Daily News

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RETAINING OWNERSHIP: In essence, the state of New York will own the video lottery facility consisting of 4,500 video game machines (VGMs), parking facility, and improvements constructed or operated by vendors at Aqueduct.

Gaming sector expert Genting Malaysia Bhd (Genting Malaysia) was likely to secure the concession for the Aqueduct Racetrack (Aqueduct), being the sole leader left in the bid.

ECM Libra Capital Sdn Bhd (ECM Libra) in a research report yesterday stated that Genting Malaysia was likely to win this project as it would create 1,300 temporary jobs and 800 permanent jobs for the locals in New York. The locals expressed their approval during a well attended Community Board 10 meeting on July 16.

To recap, SL Green led consortium and Penn National Gaming were disqualified earlier this month for submitting non-complying bids that negotiated for terms more favourable to them, leaving Genting Malaysia as the sole surviving bidder.

The project, called a racino, would include more than 4,000 video slot machines plus a hotel and other facilities located at the racetrack for thoroughbred horses in the New York City borough of Queens.

Should the group successfully procure this project, the Aqueduct would contribute a tidy US$30 million per annum. The successful bidder would pay a US$300 million licencing fee to the New York Lottery.

Following that, US$250 million would be disbursed to the successful bidder as a construction capital grant. ECM Libra added that cost overruns would be borne by the successful bidder.

In essence, the state of New York would own the video lottery facility consisting of 4,500 video game machines (VGMs), parking facility and improvements constructed or operated by vendors at Aqueduct. It would also retain ownership of the Aqueduct land and all its property and improvements.

The successful bidder will advance US$2 million per month to the New York Racing Association (NYRA) from the securing of the concession to the opening of the Aqueduct scheduled for the first quarter of 2012 (1Q12). The NYRA would repay the advances via its seven per cent share of Aqueduct’s VGM revenues.

The Aqueduct would be the sole video gaming operator within New York City limits.

From the financial years ending March 2005 to March 2010 (FYE03/05 – FYE03/10), the VGM industry in New York experienced a 35 per cent compounded annual growth rate (CAGR) in revenues (net win) and 33 per cent CAGR in slot handle (credits played). This was primarily due to the opening of Empire City Casino (Empire City) at Yonkers Raceway in October 2006 at Yonkers, just outside New York City limits.

Remarkably, industry revenues grew by seven per cent on a yearly basis in FYE03/10 despite a recession due to the relatively affluence of New Yorkers and successful bus programmes.

Looking at the FYE03/10figures, Empire City recorded the highest average daily win per VGM at US$286 due to its proximity to New York City. Aqueduct, being located within New York City limits, should fare better.

It is also located in between New York City and John F Kennedy International Airport, the busiest airport in the United States which handled 45.9 million passengers back in 2009.

Pending the bid result, the research house employed a target price of RM2.78, maintaining its estimates for the moment.

Judge Delays Aqueduct Ruling by Adam Sichk - The Business Review (Albany)

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A New York state judge has delayed, until next week, a ruling affecting bids for a proposed casino at the Aqueduct racetrack downstate.
State Supreme Court Judge Barry D. Kramer is presiding over a lawsuit that seeks to stop the bidding process on the long-delayed casino. The casino’s 4,500 slot machines hold the key to millions in revenue to fund renovations at Saratoga Race Course in Saratoga Springs.

On July 9, a consortium called Aqueduct Entertainment Co. LLC sued the state to stop the bidding process.

State officials had selected the group’s bid in January, but Gov. David Paterson revoked the bid in March in the face of growing controversy about the group and the bidding process.

Aqueduct Entertainment wants Kramer to give it the contract once again.

At a Friday court hearing in Schenectady, Kramer said he needed more time to review documents. Kramer set a new hearing for July 29, when it is likely he will deliver his decision.

The state is once again rebidding the project and had planned to announce a potential winner no later than Aug 3. Just one bidder remains, an affiliate of a Malaysia-based casino and resort company.

However, Kramer has issued an order preventing the state from announcing whether the bidder, Genting New York LLC, has won the bid until he issues his decision.

State officials are allowed to continue to assess and analyze Genting’s bid while the court case continues, Kramer said.

The state has canceled deals with winning bidders twice in the past two years.

The state Legislature approved the slot machines in 2001.

The machines are expected to provide $1 million a day to the state, critical revenue for a state facing billions of red ink.

The machines would also support the New York Racing Association Inc., the not-for-profit that operates thoroughbred horse racing at Saratoga, Aqueduct and Belmont Park, another downstate track.

The annual meet at Saratoga began today.