Negotiators are closing in on a deal to keep the money-losing New York City Off-Track Betting Corp. alive for another year, but last-minute sticking points have been jamming up a final agreement the past 24 hours.
- By Tom Precious
New York state officials are preparing as early as this week to release new bid proposals for the delayed Aqueduct casino project, with a winner expected to be selected possibly by the end of June.
- By Tom Precious
The six bidding groups vying for the Aqueduct casino rights have been asked to submit their "final" offers -- again -- to the state of New York, along with a new promise for a large and quick payment.
New York officials this week told bidders vying for the Aqueduct casino development rights to assume the contract will be awarded by Aug. 1, a questionable timetable given the chaos and leadership questions still swirling following a coup in the state Senate June 8.
A New York government panel studying whether to alter the current structure of the state's off-track betting system has asked the OTBs to hold off on signing any long-term deals, a move that suggests the panel could have sweeping changes in mind.
Trying one more time, the state of New York accepted seven new bids - from major casino operators to real estate and racing interests -- to develop a casino at Aqueduct racetrack, an authority first approved for the facility back in 2001.
New York Gov. David A. Paterson, Senate Majority Leader Malcolm A. Smith and Assembly Speaker Sheldon Silver announced April 17 that New York State is seeking new proposals to select an experienced gaming operator to build and operate a video lottery terminal facility at Aqueduct Racetrack in Queens.
Legislation has been given final approval in New York to block a looming 1% takeout increase on out-of-state pari-mutuel wagers. The legislation now heads to Gov. David Paterson for his consideration.
As state officials in New York scrambled to re-group following the collapse of the Delaware North plan to build a casino at Aqueduct racetrack, at least one of the former bidding groups said it would be interested in making a new bid on the long-stalled project.
The long-stalled Aqueduct casino project will now be facing yet another delay, as the company that won the rights to develop the facility is telling the state it cannot meet a deadline to make its $370 million franchise fee payment.
New York Gov. David Paterson is proposing to permit a casino at Belmont racetrack, a move he believes will raise $370 million in a franchise fee payment to the deficit-ridden state.
The three bidders vying for lucrative rights to develop a casino at Aqueduct racetrack in New York have all passed a critical background check by the state, Governor David Paterson said July 20.
The still-stalled franchise extension for the New York Racing Association, a new steroid testing lab, and a company to run a casino at Aqueduct Racetrack are all still on the negotiating table June 23 when lawmakers in New York return to the Capitol for the final days of the 2008 legislative session.
- By Tom Precious
New York Gov. David Paterson is sending mixed signals on whether he wanted to re-open talks with the New York Racing Association over its deal for a new franchise to operate Aqueduct, Belmont and Saratoga racetracks.
Racing industry groups have begun lining up to oppose a plan to permit the New York City Off Track Betting Corp. to lower its revenue sharing payments to tracks, breeding funds, and other entities.
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