As The Real Deal reports in the December issue, out today, casino magnate Steve Wynn has already flipped the Plaza penthouse he bought just a few months ago for $1 million more than he paid. According to the Wall Street Journal, the $24.4 million sale won’t amount to a profit for Wynn, since he’ll have to take that extra $1 million and apply it to transfer taxes and broker commissions. The buyer — anonymous, for now — is said to be the same individual who wanted the 5,600-square-foot spread over the summer, when Wynn nabbed it in a bidding war. But despite the tireless new owner, the condo is still a far cry from its original $31 million contract price in 2007. That buyer later backed out, and the apartment was listed in May for $24 million before Wynn purchased it. [WSJ]

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.

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.

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

The New York Daily News looks at the proposals, released yesterday, from two of the seven companies vying to redesign the Aqueduct race track. Aqueduct Entertainment Group has proposed a “racino,” which would have seven sections, each modeled on a different New York City neighborhood. The plan calls for 650 video slot machines in each section and a theme restaurant. All of the slot machines could be operational by November 2010. SL Green drafted a plan, in partnership with Hard Rock, that calls for a buffet and food court with 2,000 slot machines that could be running in six to eight months. MGM, Delaware North, Steve Wynn, Mohegan Sun and Penn National Gaming are also in the running to develop the race track. [more]