Thursday, August 12, 2010

New York City's First Slot Parlor Could Open In 6 Months

Feather News

More competition for Connecticut's two Indian casinos is coming down the pike with plans to open within six months the first phase of what will be a 4,500-VLT slot machine parlor at Aqueduct Racetrack in Queens, N.Y., according to Genting New York, the winning franchise bidder.

The selection for an operator of a slot parlor at the Aqueduct Racetrack began earlier this decade and had four separate rounds of bidding, with other winning bidders thrown out, but this time its looking like the slot parlor will become a reality.

Genting received the final approval yesterday from New York's Assembly Speaker Sheldon Silver, one of three state officials who must agree to Genting's selection by the state Lottery Commission. Genting has already paid the state $380 million as an up-front fee, more than the $300 million fee required, and is expecting to ink a memorandum of understanding on the terms soon.

Genting announced that they could install all 4,500 video lottery terminal slot machines within one year. Genting is a subsidiary of the Malaysian outfit that financed Foxwoods' in the nineties and is wielding G. Michael "Mickey" Brown, the casino executive who along with former Mashantucket Pequot Tribal Council chairman Skip Hayward became legends over the meteoric rise of what was then the largest casino in the world.