BUFFALO, NY (WKBW/BUSINESS FIRST) - New York state is now $380 million richer, after the developer of a casino complex at a downstate race track paid a mandatory licensing fee.
An entity called Genting New York LLC wired the fee to the state on Sept. 24 and held a public check ceremony on Monday. The state had banked on the fee to help erase a $9.2 billion deficit.
Earlier this month, state officials finished approving a contract with Genting that gives the company construction rights and a 30-year lease to operate the casino and hotel facility.
The project is now farther along than it's been in years. The previous two attempts to build the casino collapsed before developers paid a licensing fee to the state.
"After almost a decade of delay, this project is finally becoming a reality," said Gov. David Paterson.
The casino and hotel complex will be built at the Aqueduct thoroughbred horse racing track, in Queens.
About 4,500 video slot machines will be installed in the gaming facility, generating revenue for the state and for The New York Racing Association Inc., which operates thoroughbred horse racing at Saratoga Race Course, in Saratoga Springs.
NYRA is scheduled to receive $32 million a year for operating expenses and capital construction. NYRA has said Saratoga Race Course is its first priority for construction projects.
For more, go to http://albany.bizjournals.com/albany/stories/2010/09/13/daily7.html