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Genting NY delivers $380M jackpot

Its video lottery terminals haven’t been installed yet, but the Aqueduct Racino already had its first major jackpot – and the State of New York is the big winner.

The state has received the $380 million upfront payment, five days prior to the due date, from Genting New York LLC to develop and operate a casino at the racetrack in South Ozone Park, Governor David A. Paterson announced on Monday, September 27.

The governor said that this payment marks the next step in a process to create additional revenue for the state and the beginning of significant economic development activity for South 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,” he 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.”

State Lottery Director Gordon Medenica said that Genting’s experience in professional gaming allowed them to make such a successful proposal – and that proposal reflects a deep understanding of the opportunity and challenges of Aqueduct.

“By providing the upfront payment five days before the due date, Genting continues to demonstrate why they are the best company to bring a premiere gaming experience to New York,” said Medenica. “And, of course, this project will primarily benefit the schoolchildren of New York since all of the Lottery’s profits go to education funding.”

After a long process of starts and stops that saw many bidders fall off the track and out of contention, final approvals were given by State Attorney General Andrew Cuomo and State Comptroller Thomas DiNapoli earlier this month.

Now that the check as been delivered, Mike Speller, President of Genting New York, said that the area surrounding Aqueduct will hit the jackpot – with a new jobs, as the Racino will be only the first phase of a new entertainment industry in the region.

“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,” said Speller. “We will continue to work closely with State Lottery officials and the South Queens community to ensure that we can quickly open the first phase of Resorts World New York.”

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