OTB bankruptcy threatens Queens’ Aqueduct racetrack, but racino project forges ahead

December 20, 2010 09:35AM

Queens’ Aqueduct Racetrack may not survive to see the completion of the new 500,000-square-foot gaming parlor next door as its owner scrambles for cash in the wake of Off Track Betting’s bankruptcy, according to the Wall Street Journal. The New York Racing Association, which owns the 116-year-old track, is expected to lose $33 million in revenue next year as a result of this month’s closure of 54 city OTB parlors — its biggest source of revenue. Trustee Bennett Liebman said that could ultimately lead to the closure of the Aqueduct and two other racetracks unless the association can find another revenue source to make up the difference. Meanwhile, Malaysian gaming company Genting is proceeding with its first U.S. project, scheduled to open in 2011, with or without the South Ozone Park racetrack, a spokesperson said. It would be the only racino in the state to operate without an adjoining racetrack if Aqueduct were to close. [WSJ]