he state Division of the Lottery opened the bidding process and the emphasis is now on making a decision in a swift time frame. After many failed attempts, it is important to the Division to get the process right this time.
A group that included legendary rap mogul Jay Z had secured the latest bid, but the rights to the casino were stripped after allegations that the group gained the bid through unsavory business deals. Governor Robert Patterson has vowed to stay out of the bidding process this time around.
The state stands to gain around a million dollars a day when the casino is up and running. It is revenue that will help the track survive, and also help bridge budget deficits for New York. The quicker the casino is built, the quicker the state can begin receiving the money.
Delaware North Cos. Inc. had secured a deal back in 2009, but that was before the credit market dried up. The state was seeking us$ 370 million up front for the licensing fee, and when Delaware North could not come up with all of the funding, Patterson stripped them of the casino rights.
New York is one of many states in the Northeast that are expanding their gambling options in an attempt to compete with New Jersey's Atlantic City casino industry. Even without the Aqueduct casino, New York has added other casinos in recent years that have brought the state millions of dollars in tax revenue.