The fight to win the bid for the Aqueduct Racetrack in Ozone Park, Queens, just lost one contender. Las Vegas casino tycoon Steve Wynn has dropped out of the race, with no clear motive. With just two weeks to go before Governor David Paterson, Assembly Speaker Sheldon Silver and State Democratic conference leader John Sampson are expected to announce a winning developer for the project, Penn National Gaming and SL Green are now named as the two top contenders for the job, Crain’s reported. Only last week Paterson notified bidders that they would need to provide proof that they are able to pay $200 million to the state upfront. Although Wynn Resorts had endured a brutal third quarter, Wynn’s bid of $300 million had been the highest of all the project teams.

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]

CB Richard Ellis has negotiated the $8 million sale of three vintage fire houses in Greenwich Village, Midtown and Cobble Hill. Meanwhile, a report has surfaced showing that just one third of residents in New York City affordable housing are employed and, in the race to win the contract for the Aqueduct race track project, a group of more than 25 minority and women-owned business organizations have thrown their support behind the SL Green/Hard Rock development team. Click here for more. TRD [more]

Governor Paterson is expected to make a decision on the Aqueduct race track soon

Governor David Paterson met today with key decision makers close to the proposed Aqueduct race track to discuss the four top-ranking applicants to develop the project. Paterson had asked the New York Racing Authority and the New York State Lottery to whittle the list of six applicants down based on any structural defects in their proposals for the Ozone Park facility. Paterson, Assembly member Sheldon Silver and the state senate president are expected to jointly choose a winner in the coming weeks. Although any information on the frontrunners has been kept quiet, four developers are generally assumed to be favorites: SL Green Realty, Las Vegas casino tycoon Steve Wynn, Aqueduct Entertainment Group and Aqueduct Gaming. [Crain's]

With just days to go before the announcement of the Aqueduct project winner is expected on Sept. 29, speculation over which of the six bidders will win has reached a fever pitch. One of the highest profile candidates, Las Vegas tycoon Steve Wynn, has lobbied hard for the Ozone Park racetrack and gambling spot, with a two-acre pond and 4,500 video lottery terminals included in his plans. Crain’s profiled the rags-to-riches businessman today and took a closer look at the other candidates — and their odds.