PRESSROOM
THOROUGHBREDTIMES.COM
Posted: Thursday, November 13, 2008
12:15 PM
Banks asked to halt illegal Internet
wagers
by Frank Angst
Since being passed in
2006, the “enforcement” part of the Unlawful Internet Gambling Enforcement Act
has been lacking, but that likely changed on Wednesday.
The United States
Department of Treasury and the Federal Reserve Bank announced new regulations
for banks and other financial institutions that requires
them to block transactions between customers and illegal Internet gambling
sites. The 120-page document was released Wednesday.
Pari-mutuel wagering on
horse racing is one of the few exceptions in the Internet gambling ban, which
in theory, would mean sites that contribute to pari-mutuel pools would face
less competition in the United States from off-shore sites that book racing
wagers and pirate signals. Also, the law promises to crack down on sites that
offer Internet poker, sports gambling, and casino style gaming, all potential
competition for horse racing.
The Unlawful Internet
Gambling Enforcement Act had always required enforcement at the transaction
level but the House Financial Services Committee had suggested the requirement
was an unreasonable burden to place on financial institutions. The committee
passed the Payment System Protection Act in September, which called for further
clarifications on legal and illegal forms of Internet gambling before
instituting the law.
House Financial Services
Committee Chairman Barney Frank (D-Massachusetts) had hoped to delay
enforcement policies until after President-elect Barack Obama takes office.
“The proposed
regulations, like the underlying UIGEA statute, fail to define the term
'unlawful Internet gambling,' leaving it to each financial institution to
reconcile conflicting state and federal laws, court decisions, and inconsistent
Department of Justice interpretations when determining whether to process a
transaction,” Frank said. “Furthermore, some of the information needed to make
this determination would likely be unavailable to banks because customers or financial
institutions in foreign jurisdictions will likely be unwilling or unable to
provide it.”
Without the teeth of
financial institutions blocking transactions, the Unlawful Internet Gambling
Enforcement Act of 2006 has done little to slow Internet gambling, which
includes sports betting, poker, and casino-like games. With the enforcement
requirements spelled out, sites like the popular Pokerstars.com,
Fulltiltpoker.com, numerous sports betting outlets, and horse racing bookmakers
could lose U.S. customers.
One concern about the
new requirements is that financial institutions will have a hard time
distinguishing between legal sites and illegal sites. Financial Services
Committee members said financial institutions could end up blocking
transactions to legal sites in their efforts to enforce the policy. Those legal
sites would include U.S.-based advance deposit wagering outlets such as
TVG.com, TwinSpires.com, XpressBet.com, and Youbet.com that conduct legal,
pari-mutuel wagering.
The American Greyhound
Track Operators Association expressed the same concern earlier this year.
“When presented with a
choice of processing legal pari-mutuel transactions in the face of an ambiguous
regulation, payment processors will, in all likelihood, avoid processing any
transaction and could block legal transactions,” the association said. “Many
financial institutions noted that the over-blocking provisions would allow them
to block all transactions regardless of their legality.”
Banks must begin to
enforce the new requirements on January 19, 2009. The rules require them to
establish a relationship with various payment systems to ensure restricted
transactions are not conducted. In outlining the new rules, the Department of
the Treasury and Federal Reserve System said such relationships would allow
banks to prevent restricted transactions without blocking lawful exchanges.
Frank Angst is senior writer of
Thoroughbred Times
THOROUGHBREDTIMES.COM
Posted: Thursday, November 06, 2008
9:54 AM
Attendance, handle decline at Belmont meet
by Paul Post
Mirroring the nation’s economic downtown,
average daily attendance and all-sources handle for Belmont
Park’s
fall meet were down 20.3% and 8.3%, respectively, New
York Racing Association announced Wednesday.
The figures come on the heels of a Saratoga
summer meet where attendance and all-sources handle fell 9.8% and 10.2%,
respectively.
“The decline in all-sources handle at the
fall Belmont
Park
meet was disappointing, but consistent with national wagering trends,” said
Charles Hayward, NYRA president and chief executive officer. “There is no
question that the economic climate in New
York and around the country has had a negative
impact on our live handle as well as the New
York State
Off-Track Betting corporations and other simulcast customers.”
All-sources handle on NYRA races at Belmont
was $356.3-million, versus the 2007 figure of $346.5-million, for an increase
of 2.8%. But the 2008 meet included four more days than 2007, so there was
actually an 8.3% decline in the equivalent daily average all-sources handle
figure.
The economic downturn impacted attendance
as well. Belmont’s
37-day meet attracted 147,515 patrons, compared with 165,045 who attended last
fall’s 33-day meet, for a decline of 10.6%. Daily average attendance declined
by 20.3 percent, dropping from 5,001 to 3,987.
Total purses rose 3.4%, from $20.5-million
to $21.2-million. Factoring in the four additional days of the 2008 season,
average daily purses actually dropped from $622,116 to $574,036, or 7.7%,
consistent with the handle decline.
Gary Contessa was the leading trainer for
the Belmont meet with 16 wins, while Edgar Prado took the jockey title with 43
victories.
NYRA is currently conducting racing at
Aqueduct in Queens, New York, where state leaders recently approved the selection
of a gaming operator—Buffalo-based Delaware North Companies—to run that track’s
4,500-machine video lottery terminal facility.
Construction is expected to begin in early January.
Paul Post is a New York-based Thoroughbred
Times correspondent
SARATOGIAN.COM
Racing worried about VLT
impact
By PAUL POST, The
Saratogian
11/07/2008
ndly
SARATOGA SPRINGS - State officials are concerned about the possibility of
gaming overshadowing racing at a proposed new harness track in the Catskills.
The 160-acre project would supplement existing Monticello Gaming & Raceway
- about three miles away - and would feature a new hotel, golf course,
convention center, retail stores and restaurants. Gaming would be in the hotel,
separate from the harness track with a 250-seat grandstand.
"Shouldn't we insist on having a nexus between racing and the VLT facility,
since we are charged with improving the racing industry?" state Racing and
Wagering Board Chairman John Sabini said. "We want to make sure that when
you're in the (VLT) facility you know it's a race track as well. This has been
talked about a lot. There is very often very little cross-promotion between the
two.
"We don't want to see the (racing) handle hurt by this."
Legislation allowing for racetrack gaming, approved in 2001, was designed to
enhance racing while generating more revenue for the state. Video lottery
terminals have been installed at each of the state's harness tracks and Finger
Lakes Race Track, a thoroughbred venue near Rochester. In most cases, VLTs have
boosted purses and horsemen's income dramatically. But there's been little, if
any, increase in attendance and on-track betting.
"I'm fearful that at some point if no one's watching the races, someone
will come up with an excuse to take this whole thing apart," Sabini said.
State leaders have hailed the project as a way to promote and revitalize
economic development in the Southern Catskills. Construction is expected to
start next August.
When completed, the new complex could create up to 2,000 jobs.
Gaming would eventually be moved from the old track to the new
"entertainment city." Gov. David Paterson has said the new racino
will generate $38 million annually, twice as much as the current one.
"Movement would likely be done in a multi-step process that involves as
minimal a disruption to the facility's operation as possible," said John
Charlson, of the state Lottery Division that oversees VLT operations.
Somewhat surprisingly, Assembly Speaker Sheldon Silver, D-Manhattan, has
expressed at least some measure of support for the plan. Silver is adamantly
opposed to gaming at Belmont Park, about eight miles from Aqueduct Race Track
that's slated to get a new racino next year. He says the New York market can't
support two gaming facilities in close proximity to one another.
Prominent Wilton harness driver-trainer John Stark Jr. said a new downstate
harness track is sorely needed. He competes at Monticello about once a week in
the summer, primarily for Sire Stakes races.
"Monticello is such a bad track," he said. "It's not a good
surface, the turns are tight. It's just not a good track."
The current track would continue to be used in winter, with the new track
hosting races in summer. Barns at the existing track would stable horses for
both sites, although a paddock would be built at the new track.
At its last meeting, the Racing and Wagering Board issued permits allowing for
construction of paddock footings and a maintenance barn. "This allows the
process to begin," board spokesman Joseph Mahoney said. "We have yet
to approve the entire construction plan. Racing dates have not yet been
approved for the Concord project."
Robert Feuerstein, the board's counsel, said, "There is further
opportunity for evaluation."
Board member Daniel Hogan said he's less concerned than Sabini about the
relationship between racing and gaming at the new Catskills site.
"You don't see a lot of interaction between VLT and racetrack patrons
anyways," he said. "There's a difference between the VLT player and
the horse player."
The board recently approved a certificate of incorporation for Concord Empire
Raceway Corp. that would run racing at the new track. However, the board has
not yet approved a license for the group, which is managed by Westchester
developer Louis Cappelli, one of five corporation directors. The others are
Bruce M. Berg, Cliff Ehrlich, David P. Hanlon and Charles A. Degliomini.
The Concord development is a joint venture between Cappelli and Empire Resorts,
which owns Monticello Gaming & Raceway.
Degliomini is also senior vice president at Empire Resorts.
He said the new harness track will have sky boxes and upscale dining, designed
to create a new generation of fans.
"It's going to bring a new elegance to harness horse racing," he
said.
©The
Saratogian 2008
THOROUGHBREDTIMES.COM
Posted: Wednesday,
November 05, 2008 5:18
N.Y. expands
backstretch labor investigation
by Paul Post
A New York State
Labor Department investigation into alleged underpayment of stable workers has
expanded to Aqueduct and Belmont Park.
State auditors are
reviewing payroll records from 170 trainers to determine if workers such as
grooms and hotwalkers are owed restitution and in what amounts.
In late August,
following an investigation at Saratoga Race Course, the state said that more
than 1,200 backstretch workers were underpaid—in some cases less than minimum
wage—and that most trainers do not keep adequate records.
“We know that
there were underpayments, but how much? The final determination? That’s what
we’re working on now,” Labor Department spokeswoman Jean Genovese said. “The
material is being looked over. Once that’s all done, it will be a much clearer
picture. There’s a lot of material to go through.”
Stable workers are
not employed by the New York Racing Association, which runs Aqueduct, Belmont,
and Saratoga, but are hired independently by trainers. The Saratoga
investigation involved five visits to the upstate New York track, where both
trainers and workers were interviewed.
The Labor Department
went to Belmont and Aqueduct on September 18 and September 24, respectively,
returned to both on October 10, and made a repeat visit to Saratoga on October
14.
About 2,000
backstretch employees live and work at Belmont. Some stay at Saratoga after the
summer race meet for a fall training season.
The sweeps are
part of a broader Labor Department initiative targeting allegations of
underpayment in various low-income businesses from the garment industry to car
washes.
Following this
summer’s initial investigation, the department said it planned to hold a series
of educational workshops for trainers, teaching them how to comply with proper
Labor Law practices.
“We have begun
employer seminars,” Genovese said. “We had two each day at Belmont and Aqueduct
on September 29 and October 6—a total of four.”
The state says it
will conduct a series of follow-ups in the future to make sure that trainers
are complying with the law. Those that do not will be subject to penalties and
fines.
To date, the
investigation has not named trainers individually, but it may when the audits
are completed, Genovese said. The original investigation found that 80% of 110
low-wage workers interviewed collectively were underpaid about $7,000 per week.
The state's minimum wage is $7.15 per hour, but some workers were paid as
little as $5.06.
In the absence of
records, employee statements have been accepted as fact with regard to hours
worked, which clearly puts the onus on trainers to comply with the law. The
Labor Department has suggested ways for trainers to keep better records,
including log books and time clocks, to keep better records and stay within the
law.
Paul Post is a New
York-based Thoroughbred Times correspondent
BIZJOURNALS.COM
Tuesday, November
4, 2008 - 2:46 PM EST
The Business Review (Albany) - by James Fink For The Business Review
Video lottery
gaming operations at six of the eight centers across New York reported an
upturn in revenues during a four-week period that ended on Oct. 25.
According to
statistics compiled by Fantini Gaming Report, VLTs — slot machine
gaming centers run in conjunction with a horse racing track— saw a 3.54 percent
hike between Sept. 28 and Oct. 25. Total gaming revenue from those operations
was $72.374 million.
The report covered
VLT operations at Batavia Downs, Fairgrounds in Hamburg, Tioga Downs, Yonkers,
Vernon Downs, Saratoga Racing, Finger Lakes and Monticello.
Fairgrounds,
Finger Lakes and Saratoga Springs are operated by Delaware North Cos. Inc.
Batavia reported
the largest gain, percentage-wise, in the state with a 16.01 percent increase
or $2.677 million in VLT revenues for the harness racing track.
“This was a pretty
good month,” said Martin Biniasz, Western Regional Off Track
Betting Corp. director of marketing. Western Regional
OTB operates Batavia Downs.
Biniasz attributed
the increase to several factors, including a targeting marketing campaign in
Genesee, Orleans and Wyoming counties, the re-opening of the revamped
Grandstands Bar & Grill and many patrons deciding to “stay closer to home.”
“It wasn’t any one
thing,” Biniasz said.
Delaware North’s
three VLT operations collectively saw a 3.48 percent gain in revenues,
increasing to $22.169 million, according to the Fantini report.
Fairgrounds
reported a 15.4 percent spike, or $4.062 million, in revenues while Finger
Lakes reported a 3.65 percent increase in revenues to $8.01 million and
Saratoga had a slight 0.77 percent decrease, or $10.08
million in revenues.
Monticello
Racetrack had the largest drop in the state, a 21.27 decrease, with $4 million
in revenues reported during the four week period.
Fink writes for
Business First, an sister publication of The Business
Review.
NEWSDAY.COM
Paterson: Economic
plan for Belmont Park in works
BY JAMES T.
MADORE
11:31 AM EDT,
October 28, 2008
ALBANY - Gov.
David A. Paterson has directed aides to
devise an economic development plan for the Belmont Park horse-racing track in
Elmont by year-end.
The plan would focus on better uses for more than 400 acres surrounding the
race course, which hosts the Belmont Stakes,
the final leg of the Triple Crown
competition. Instead of parking lots and vacant land, the state's top racing
official said yesterday there could be an outlet mall, hotel or entertainment
complex.
Planners, however, aren't expected to push for installing slotlike gambling
machines because of strong opposition from Assembly Democrats.
"Nothing is off the table but VLTs [video-lottery terminals] certainly
aren't going to be a keystone to this either," said John Sabini, chairman
of the state Racing and Wagering Board.
He and
economic development chief Marisa Lago were asked last
week by Paterson to "begin a planning process to explore development
options." They are to work with legislative leaders, municipalities and
the racing industry on proposals due to the governor and the racing Franchise
Oversight Board by Dec. 31.
Proposals must receive the board's unanimous approval.
Paterson yesterday expressed frustration that Belmont's "development
potential has never been realized" despite its physical beauty and
proximity to major highways and the Long Island
Rail Road. "Belmont could create new jobs, generate additional tax
revenue and bolster economic development in Elmont and other surrounding
communities," he said.
The Democratic governor revealed his directive five hours after State Senate
Majority Leader Dean Skelos (R- Rockville Centre) publicly called for the same
planning process. Private discussions had taken place for weeks, and some
Paterson aides were upset that Skelos upstaged them.
Still, Skelos said development of Belmont land was crucial for the surrounding
neighborhoods - some lying in his district - and state finances. The sale of
development rights would generate $250 million as the state faces projected
budget deficits this year and next.
"It's time to build a true tourist destination that's an economic engine
for the entire region," Skelos said.
He and Paterson traded barbs recently over a Buffalo company getting the
contract to operate a video-lottery gambling parlor at Aqueduct racetrack in
Queens.
Skelos and Assemb. Thomas Alfano (R-North
Valley Stream) want the planning process to begin because $5 million for
Elmont, Floral Park and Bellerose Terrace is
tied to approval of building projects. The money - secured after Assembly
Speaker Sheldon Silver blocked lottery terminals
for Belmont - aims to defray police, garbage and other costs of hosting the
track.
Silver, through a spokesman, declined to comment.
Sen. Craig Johnson (D-Port Washington), whose
district also includes Belmont, said residents "deserve an economic
development plan that brings all parties to the table without partisan
political gamesmanship and ulterior motives." He also said the planning
process "should have begun years ago."
The New York Racing Association, which
recently exited bankruptcy after winning a 25-year franchise to operate the
state's three thoroughbred tracks, signaled its support for Belmont
improvements. Spokesman John Lee said NYRA was
now "in a much better [financial] position to strengthen Belmont Park's
appeal as an entertainment destination."
THE STAKES
BELMONT FACTS State leaders want to develop the land around Belmont Park horse
racing track in Elmont.
HISTORY Opened in 1905, Belmont Park is home to the Belmont Stakes, the final
leg in the Triple Crown racing competition for 3-year-old thoroughbreds.
Attendance is off and local officials worry about the track's long-term
viability with nearby Aqueduct racecourse in Queens receiving slot-like
machines.
KEY PLAYERS Gov. David A. Paterson, legislative leaders, local officials, the
New York Racing Association and state racing Franchise Oversight Board.
DEADLINE Dec. 31 for state Racing and Wagering Board chairman John Sabini and
economic development chief Marisa Lago to present proposals to Paterson and
oversight board.
APPROVALS Development plans must be adopted unanimously by the oversight board.
Compiled by Albany bureau chief James T. Madore
DRF.COM
Headlines |
Posted 10/28/2008, 4:02 pm
The possibility
of opening a casino at Belmont Park is back in play politically just days after
senate Republicans agreed to the selection of a company to operate a casino at
Aqueduct racetrack in Queens.
Sen. Dean
Skelos, the majority leader of the New York Senate, called for the installation
of slot machines at Belmont Park on Monday in a statement he released through
his office. The statement called for Gov. David Paterson, the legislature, and
the New York Racing Association - the franchised operator of Aqueduct, Belmont,
and Saratoga - to develop a plan by Jan. 1 to incorporate slot machines at
Belmont.
"I have
met with a number of individuals with unique and exciting economic development
proposals for Belmont Park," Skelos said in the statement. "In these
challenging economic times, it is even more important to sell the development
rights to Belmont Park and seize this valuable opportunity for state and local
taxpayers and community residents."
Last week,
Skelos and other Republican legislators - who face losing the majority in the
senate in elections this year for the first time in four decades - agreed with
the selection of Delaware North Companies as the operator of the Aqueduct
casino after initially balking at the recommendation. Delaware North, which
promised the state a $370 million upfront payment, had already been endorsed
over two other companies by Paterson and the assembly's Democratic-led
leadership.
All three
companies had employed scores of lobbyists to pitch their development proposals
for Aqueduct. The two companies that lost out in the bidding - a partnership of
SL Green Realty and Hard Rock Entertainment, and a partnership of Capital Play
Pty and Mohegan Sun - have consistently stated that they supported the installation
of slot machines at Belmont Park.
Paterson said
in a statement that he supported redeveloping Belmont Park, but the statement
did not specifically mention a casino. In the statement, Paterson said that he
had asked Marisa Lago, the president of the Empire State Development
Corporation, and John Sabini, the chairman of the New York State Racing and
Wagering Board, to work with legislators to develop a plan for the track by
Jan. 1.
Assembly
Democrats, including speaker Sheldon Silver, have consistently opposed a casino
at Belmont.
The Aqueduct
casino, which is not expected to open until early in 2010, will likely become
one of the highest-grossing casinos on the East Coast, given its location. Most
budget analysts have estimated that the 4,500 slot machines at the casino will
generate $500 million in revenue annually. A Belmont casino would be expected
to generate comparable revenues.
As part of a
deal with NYRA to extend the association's franchise 25 years, the state has
taken title to the racetracks and the property. NYRA and its horsemen will
receive approximately 15 percent of the net revenues from the Aqueduct casino.
Charles Hayward,
the president of NYRA, said on Tuesday that the association would have no
comment on the likelihood of development of Belmont.
"Right
now we are focusing on the installation of [slot machines] at Aqueduct,"
Hayward said.
SARATOGIAN.COM
Silver says no to
VLTS
By PAUL POST, The Saratogian
10/28/2008
SARATOGA SPRINGS -
Having agreed on a firm to operate Aqueduct's gaming center, state officials
are now debating whether Belmont Park should have a racino, too.
Gov. David
Paterson has directed his administration to work with New York Racing
Association, community groups and local officials surrounding Belmont to come
up with Belmont development proposals and report back to his office by Jan. 1.
The Republican-led Senate Majority favors video lottery terminals there, while
Assembly Speaker Sheldon Silver, D-Manhattan, reaffirmed his opposition to such
plans on Monday.
"Nothing is off the table and nothing is necessarily on the table,"
state Racing and Wagering Board Chairman John Sabini said.
"We will be exploring all options. There's 440 acres of land at Belmont.
In these tough economic times, we want to maximize the value of assets the
taxpayers now own. We also want the racing mission to be enhanced and not
negatively impacted."
Leaders from both parties are in general agreement that Belmont should have new
amenities such as a hotel, retail and entertainment.
"VLTs should be a hallmark of that proposal," said Scott Reif, a
spokesman for Senate Majority Leader Dean Skelos, R-Rockville Center. "We
feel this is a once-in-a-generation opportunity to develop Belmont Park.
(Skelos) has met with developers.
"They have exciting proposals."
Reif declined to identify firms and any proposal requires approval of a newly
created racing Franchise Oversight Board.
Silver says the New York-Long Island market can't support racinos at Belmont
and Aqueduct that are less than 10 miles apart.
"I don't think it makes sense," he told The Associated Press at a
Rochester groundbreaking. "We're not going to have a saturation of that.
You'd only divide the businesses."
But gaming proponents say the two downstate sites would enhance each other,
similar to Connecticut, Atlantic City or Las Vegas, all of which have multiple
casinos.
Also, horsemen say that New York needs the extra revenue two VLT facilities
would generate, to keep the racing industry competitive with other states.
New York Racing Association has already hired a British firm, Turnberry
Consulting, to devise a long-term master plan for each of its tracks. NYRA
spokesman John Lee said that Turnberry's work deals strictly with the core
racing business - grandstands, racetrack locations and surfaces, hospitality,
barns and backstretch housing. At 1-1/2 miles, Belmont's main dirt track is the
longest track in the country, the only one that size. It's so large, and
grandstand seating is so far from the horses that fans sometimes find it
impossible to follow the races.
Turnberry's report, due this month, is expected to address such issues. The
state, in contrast, will focus on Belmont's non-racing real estate where things
such as a hotel, retail and entertainment could go.
"We'll certainly take suggestions from NYRA," Sabini said. "But
it's our (the state's) property."
As part of its new 25-year franchise, NYRA formally relinquished ownership of
Belmont, Aqueduct and Saratoga Race Course to the state.
"Now that we have reached an agreement to extend NYRA's franchise, and
chosen a developer to revamp Aqueduct Race Track, Belmont is the next logical
step in our efforts to overhaul racing in New York," Paterson said.
"Any development at Belmont would need to be undertaken pursuant to a
competitive process approved by the Franchise Oversight Board."
Buffalo-based Delaware North Companies is giving the state an upfront $370
million payment for the right to develop Aqueduct. A similar bidding process
would be likely for Belmont, once state officials agree on the type of
development they want there.
©The
Saratogian 2008
DAILYGAZETTE.COM
VLT profits
eyed for projects at Saratoga Race Course
Tuesday,
October 28, 2008
By Lee
Coleman
Gazette
Reporter
SARATOGA
SPRINGS — New backstretch dormitories, permanent luxury boxes on the track’s
first turn and an At the Rail pavilion addition are some of the improvements
being considered for Saratoga Race Course after the recent approval to install
video lottery terminals at Aqueduct Race Track, a New York Racing Association
official said Monday.
State leaders
last week selected Delaware North of Buffalo to install and operate 4,500 video
lottery terminals at the Queens racetrack.
State
officials said Monday ground will be broken on the Aqueduct project early next
year.
Seven percent
of the money generated by the VLTs, which are computerized slot machines, will
go to NYRA for capital projects and to increase race purses, said NYRA
spokesman John Lee.
Increasing
purses for NYRA’s races is important, Lee said, because it attracts top quality
horses and sufficient numbers of horses so that NYRA can continue to offer the
nation’s premier thoroughbred horse racing.
Lee said on
Monday the combination of NYRA’s new 25-year franchise agreement with the state
and selection of an operator for the VLTs at Aqueduct will also mean the racing
association will be in a better position to make improvements at all three
tracks it operates: Saratoga, Aqueduct and Belmont.
“We don’t
know all the particulars,” Lee said about possible improvements at Saratoga. He
said Turnberry Consulting Ltd. of London has been hired to study and recommend
improvements.
But Lee said
some of the ideas being discussed for the Saratoga Race Course include
two-story, condominium-type dormitories in the track’s backstretch area where
as many as 1,000 workers live during the 36-day, summer racing meet.
The
temporary, trailer-like luxury boxes that are placed along the track’s first
turn each season could be replaced by something more permanent and the tent
that now is called the On The Rail pavilion could be replaced by a permanent
addition, he said.
“We will
maintain the feel of Saratoga … They will be improvements that fit,” Lee said.
Delaware
North Companies will invest $370 million upfront to build and operate the VLT
facility at Aqueduct, according to the statement released Monday by Gov. David
Paterson.
“Funds from
the VLT facility at Aqueduct will provide sustained resources for elementary
and secondary education, while also supporting the operation and improvement of
the three thoroughbred racing facilities,” Paterson said in the statement.
The governor
said that once the VLT facility is operational in 2010, the 4,500 New York
Lottery terminals are expected to generate at least $8.2 billion for education
over the next 30 years. with the 7 percent share going to NYRA.
Lee said the
VLTs are expected to be up and running in 15 to 18 months.
Once they are
operational, “they will start generating money pretty quickly,” Lee said.
Lee said now
that NYRA has emerged from bankruptcy and operating within the terms of the new
franchise agreement with the state, the association is on much sounder economic
footing. “The new business model allows us to make progress,” Lee said. “The
VLTs will really step it up.”
NEWSDAY.COM
Paterson: Economic
plan for Belmont Park in works
BY JAMES T.
MADORE | james.madore@newsday.com
October 27, 2008