Tuesday, September 14, 2010

New York City's First Slot Parlor Gets Final Approval

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New York State comptroller Thomas DiNapoli signed off yesterday on the 30-year franchise contract to operate what is destined to become a 4,500-VLT slot parlor at the Aqueduct Racetrack in Queens, N.Y.

Genting New York, LLC, was chosen during the summer to build and operate the slot parlor after three previous rounds of bidding were voided. The state initially approved slot machines at state racetracks in 2001 and the Aqueduct Racetrack will be the last of those racetracks to open a slot parlor. The Mohegan Tribal Gaming Authority partnered with Australian racing executives to form a group that was previously rejected in one of the rounds of bidding for the franchise.

Aqueduct Racetrack is about 130 miles from Mohegan Sun and is likely to become the casino's next competitor for slot customers.

Public statements made by Genting indicate that they expect to open the first phase of the slot parlor with 1,700 video lottery terminal machines by next May, possibly earlier. All that remains to seal the deal is for Genting to pay the state its upfront fee of $380 million.

Genting is a subsidiary of the Malaysian company that financed the building of Foxwoods casino.