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New York State Officials were expected to announce the winning bid for the re-development project to add 4,500 video slot machines to the Aqueduct Race Track in October.
However the 30 year contract is still up for bids, causing the state to miss out on hundreds of thousands of dollars of potential revenue associated with the operation of the slot machines and development of hotels and restaurants as proposed by bidders. State Senator Joseph Addabbo Jr estimated that the state has already missed out on $250 million in revenue due to the delay.
The State is faced with a $3 billion budget deficit leading government to allow the re-development of the track into a casino style facility which could potentially generate $1 million a day in tax revenues.
Meanwhile the racing and casino industries wait for Governor David Paterson, Assembly Speaker Sheldon Silver and the Senate Leader to name the winning bidder.
Six bidders contending for the contract include SL Green/Hard Rock Entertainment, Wynn Resorts Limited of Las Vegas, Aqueduct Gaming, Aqueduct Entertainment Group, MGM Grand at Aqueduct and Penn National Gaming.
All bidders have proposed a cash up-front payment ranging between $150 million and $300 million. The majority of the contracts commit to having a fully operational facility within one to two years, but only a few propose phase build outs allowing some slots operational within 8 months.
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