Bidders on the Aqueduct racetrack in Ozone Park, Queens, will have to prove their ability to pay the state $200 million within 30 days of winning the redevelopment rights to the project, Governor Paterson wrote in a letter to the companies on Friday. The request is likely to pare down the list of six bidders, which includes SL Green, MGM Mirage and Penn National Gaming, because most would need to revise their original project plans in order to comply with the request. SL Green has offered $275 million for the Aqueduct, but only $125 million would be paid upfront. Providing more money from the get-go would allow the governor to follow through on his plans to reduce the budget deficit by $5 billion, while ensuring that the winning bidder does not back out. Last year, Delaware North won the rights to the Aqueduct project but could not come up with enough cash. The group is again vying for the winning bid. Bidders have until Nov. 6 to reply to Paterson’s letter. Paterson, along with Assembly Speaker Sheldon Silver and temporary Senate President Malcolm Smith, will ultimately select the winner. [Crain’s]

Governor David Paterson’s office may choose a developer for Queens’
Aqueduct Racetrack as soon as Monday, sources close to the situation
told Crain’s. Paterson’s office is currently completing its internal
review of the six bids for the site. The project’s bidders include SL
Green Realty, Aqueduct Entertainment Group, Steve Wynn and a
partnership of MGM Mirage and developer R. Donahue Peebles. Paterson
reportedly favors Wynn’s plan, while Assembly Speaker Sheldon Silver
has supported a plan from Buffalo-based Delaware North Companies. Comments

Four of the six companies bidding to develop Queens’ Aqueduct Racetrack
have increased their offers to the state. The final deadline for
submitting proposals to Governor David Paterson was last week. SL Green
Realty upped its offer to $275 million from $250 million. Aqueduct
Entertainment Group promised the state an additional $100 million — the
company’s original bid was $151 million — if the state will add more
video lottery terminals at the casino. Steve Wynn doubled his proposal
to $300 million. The partnership of MGM Mirage and developer R. Donahue
Peebles increased its bid but would not say by how much. [more]