Genting pays New York $380 million
September 29, 2010
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Up-front payment for winning the rights to develop Aqueduct racino
Genting Malaysia has paid New York state $380 million - $80 million more than the minimum specified by the state - for winning the right to develop a 4,500-machine racino at Aqueduct Racetrack in the New York City borough of Queens.
The payment by the Kuala Lumpur, Malaysia-based company arrived five days before the due date.
New York state plans to sell $250 million of bonds backed by its personal income tax to help finance the project.
“After almost a decade of delay, this project is finally becoming a reality and all New Yorkers will benefit,” Gov. David Paterson said in a statement cited by Bloomberg.
The state expects the video-lottery machines will produce more than $279 million of revenue annually after paying gambling prizes and other expenses, according to the New York Lottery, which handled bidding for the project and will oversee its operation.
Genting Malaysia has paid New York state $380 million - $80 million more than the minimum specified by the state - for winning the right to develop a 4,500-machine racino at Aqueduct Racetrack in the New York City borough of Queens.
The payment by the Kuala Lumpur, Malaysia-based company arrived five days before the due date.
New York state plans to sell $250 million of bonds backed by its personal income tax to help finance the project.
“After almost a decade of delay, this project is finally becoming a reality and all New Yorkers will benefit,” Gov. David Paterson said in a statement cited by Bloomberg.
The state expects the video-lottery machines will produce more than $279 million of revenue annually after paying gambling prizes and other expenses, according to the New York Lottery, which handled bidding for the project and will oversee its operation.
