In the end, it came down to one giant wager – $380 million.
After nearly a decade of false starts, inquiries and disqualifications, the Aqueduct Racino is finally off to the races after Attorney General Andrew Cuomo and Comptroller Thomas DiNapoli approved the contract that gives Genting NY the rights to renovate the racing facility in Ozone Park.
“This is one of the most important vendor contracts New York has ever signed,” said DiNapoli. “The contract involves hundreds of millions of dollars. It’s a 30-year license that carries the future of New York’s racing industry on its back.”
The Malaysia-based casino giant now has 10 days to deliver the promised $380 million upfront licensing fee to the state. After the money is delivered, the state’s Office of General Services will complete the review in preparation for the issuance of building permits.
Once the review is completed, 1,600 video slot machines will open at Aqueduct by this spring, with a total of 4,500 machines in place by this time next year.
“Genting is very pleased to be given the opportunity to build a world class entertainment facility at Aqueduct,” said K.T. Lim, Chairman of Genting Malaysia Berhad. “We will work with the state, other local officials and the communities of Queens and New York to maximize the economic benefits and create a first class destination.”
Genting has said on record that they intend on culling a workforce from the surrounding community – a promise that local leaders expect them to keep.
“This brings an influx of much needed jobs to the area and has the potential to increase economic activity in the region,” said Betty Bratton, Chairman of Community Board 10. “We are going to work with Genting to ensure that they have a procedure in place that makes sure local residents are aware what jobs are available and how to apply.”
Senator Joseph Addabbo said that he expects the final procedures to move relatively quickly and that the community will benefit from the jobs and overall economic impact of the Racino.
“Now that the attorney general and state comptroller have signed off on the Aqueduct proposal, I am optimistic that the final necessary procedures can be expediently completed, so that we can move toward the realization of local jobs and economic benefits from the site,” said the senator.
With the project in the planning stages for so long, it went through a lot of hands and needed a lot of approvals – something that Genting’s chair acknowledged when he thanked everyone who spurred the project on even when the finish line seemed impossible to reach.
“We are incredibly grateful to the elected officials and local leaders,” said Lim. “They worked tirelessly to ensure that the people of New York State will get a first-class Racino at Aqueduct.”
