search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoffMortgage applications jump as buyers worry about rising ratesMortgage applications jump as buyers worry about rising ratesHere’s how commissions could change with NAR’s new rulesHere’s how commissions could change with NAR’s new rules
New York

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

Sign Up for the undefined Newsletter

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]

Tags
Aqueduct RacinoGenting