It’s Delaware North by a nose

In a move that is expected to create over 2,000 jobs in Ozone Park, the state, New York Racing Association (NYRA) and hospitality management company Delaware North have reached an agreement that will allow the Buffalo-based company to develop Video Lottery Terminals (VLT) at Aqueduct Race track.
Announcing the plan on Thursday, October 23, State Senator Serphin Maltese, whose district includes Aqueduct, said, “This is a truly historic and exciting day for Queens.”
Citing Delaware North’s “improved plan” after the company provided detailed blueprints for economic development as well as a pledge to involve community leaders in a Queens Community Advisory Panel, the lone holdout, Senate Majority Leader Dean Skelos, climbed onboard, helping to close the deal.
The development of Aqueduct – which will include a 328,000-square foot VLT gaming and entertainment center with 4,500 VLT machines; a 2,000-square foot parking garage as well as restaurants, bars and lounges – is expected to create over 1,100 construction jobs and 1,000 permanent jobs and generate $10.3 billion for state education over the course of a 30-year agreement. Additionally, Delaware North plans to develop the surrounding community with a luxury hotel, spa, conference and event centers and up to 30,000-square feet of retail space.
Calling the deal “a huge victory for the State” and one that “will provide a critical revenue stream” amidst the current fiscal crisis, Governor Paterson said New York lost around $1 million in revenue for each day without a VLT accord.
Paterson credited Skelos and Assembly Speaker Sheldon Silver for their efforts in securing the Delaware North deal. He noted that the agreement was struck after several months of discussions and careful examination of each and every proposal, including a recent analysis to guarantee that all developments would be financially viable given the market turmoil.
According to Paterson, Delaware North secured the development deal with its offer of $370 million in up-front licensing fees – the strongest financial proposal among the bidders – as well as its vast VLT and gaming experience.