ALBANY, NY (09/27/2010)(readMedia)-- Governor David A. Paterson today announced that the State of New York has received the $380 million upfront payment from Genting New York LLC to develop and operate a casino at Aqueduct Racetrack. Securing the upfront payment five days prior to the due date marks the next step in a process to create additional revenue for the State and the beginning of significant economic development activity for the Ozone Park section of Queens.
"All along, I've said that securing this deal and moving ahead with the project at Aqueduct is critical for the future of New York," Governor Paterson said. "The State, in partnership with Genting, has the opportunity to create jobs for the community and to revitalize this area. After almost a decade of delay, this project is finally becoming a reality and all New Yorkers will benefit."
Earlier this year, Governor Paterson refashioned the selection process for a gaming operator at Aqueduct after years of delay. The new process applied standard State procurement rules to the bidding process. This led to an efficient, timely, and highly successful bidding process which produced the highest upfront payment ever offered to the State, with enhanced MWBE participation, community involvement, and an accelerated construction schedule. The process also produced a $25 million infusion to the racing industry and will generate sustained cash flow for the industry and the many thousands of jobs it supports throughout the State.
In recommending Genting to the Governor, Lottery Director Gordon Medenica said "they are a vastly experienced and professional gaming company and their proposal reflects a deep and insightful understanding of the opportunity and challenges of Aqueduct." Today he added, "By providing the upfront payment five days before the due date, Genting continues to demonstrate why they are the best company to bring a premiere gaming experience to New York. And, of course, this project will primarily benefit the schoolchildren of New York since all of the Lottery's profits go to education funding."
Mike Speller, President of Genting New York, said: "Genting is excited to have crossed the finish line and will now quickly get to work building a first-class casino that will not only showcase the best in gaming and entertainment, but will result in more than 2,000 jobs and significant recurring revenue for New York State. We will continue to work closely with State Lottery officials and the South Queens community to ensure that we can quickly open the first phase of Resorts World New York."
Genting's proposal was submitted in response to a Request for Proposals (RFP) the New York Lottery issued on May 11, 2010, which required bidders to submit with their proposals a signed Memorandum of Understanding (MOU) and other documents. Genting was recommended by the New York Lottery to Governor Paterson on August 3, 2010. Over the past six weeks, the recommendation has been affirmed by both the State Senate and Assembly and the contract with Genting has been approved by the Office of the Attorney General and Office of the State Comptroller.
###
Additional news available at www.ny.gov/governor | High resolution images available at www.ny.gov/governor/mediaimages | password: paterson | New York State | Executive Chamber | press.office@chamber.state.ny.us | 212.681.4640 | 518.474.8418 | Follow us on Facebook and Twitter