Future of struggling Aqueduct hangs in the balance
State racing panel weighs closing Queens racetrack; casino would go down, too
Aqueduct Racetrack in Queens is facing an uncertain future, losing so much money that the state’s racing panel might close it.
Aqueduct, located at 2150 Hempstead Turnnpike in Elmont, is adjacent to Resorts World Casino, which depends right now on the racetrack to stay open. State law now requires an establishment with video lottery terminals to be connected to racetrack. Lawmakers in Albany could pass an exemption for Aqueduct, said John Sabini, the former chairman of the New York State Racing and Wagering Board.
The New York Racing Association operated at $10.3 million loss for the first half of the year, Crain’s reported. Net income jumped to $8.1 million after the video lottery terminals’ revenue was included.
Sabini told the newspaper that the association could sell Aqueduct to private investors. A spokesman for Genting, which owns the casino, did not comment. [Crain’s] – Mark Maurer