Last month, in a ceremony attended by New York lawmakers including Governor David Paterson, Genting New York LLC broke ground on the long-awaited Aqueduct racino in Ozone Park, Queens. Work is scheduled to begin in the next couple of weeks.

Phase one of the racino is set to open next May, with a minimum of 1,600 video lottery terminals. A total of 4,525 machines should be operating six months after that. The racino project is expected to generate at least $650 million per year in gross gaming revenue, giving New York’s thoroughbred racing industry a much-needed financial lifeline.

The struggling New York Racing Association will get 7 percent of racino revenues—4 percent for capital expenditures and 3 percent for operations, according to the Saratogian. Another 6.5 percent will be dedicated to purses at Saratoga, Belmont Park and Aqueduct. New York’s thoroughbred breeding industry will get 1 percent of those purses, increasing to 1.5 percent in year three.

NYRA will also get a quick infusion of cash via a $25 million loan.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.