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.