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

TRD New York /
Dec.December 20, 2010 09:35 AM

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]


Related Articles

arrow_forward_ios
Resorts World Casino scores $290M refi for Aqueduct Racetrack

Resorts World Casino scores $290M refi for Aqueduct Racetrack

NYC Football Club eyes site near Aqueduct Racetrack for arena

NYC Football Club eyes site near Aqueduct Racetrack for arena

Jeffrey Gural, Tiago Downs (Credit: Fred Brown) and Gov. Andrew Cuomo

Casino players gunning for lucrative upstate licenses

Future of struggling Aqueduct hangs in the balance

Future of struggling Aqueduct hangs in the balance

Gov. Andrew Cuomo

In reversal, Cuomo wants to keep casinos out of NYC

Placeholder image

NYC casino could get Silver’s support

The Nevele Grande Hotel

Developer pitches Catskills resort that hinges on gambling license

Placeholder image

Aqueduct convention center plan breaks down, Las Vegas casinos compete to replace Genting

arrow_forward_ios
Loading...