The 2013 legislation authorizing the
three upstate casinos chosen yesterday also allows Nassau and Suffolk
counties to build gambling parlors with up to 1,000 video slot machines
and table games. Photo Credit: Nancy Borowick
The
2013 legislation authorizing the three upstate casinos chosen Wednesday
also allows Nassau and Suffolk counties to build gambling parlors with
up to 1,000 video slot machines and table games.
Each county has been moving ahead with its projects.
In October, Suffolk Off-Track Betting Corp. closed on a $10.95 million deal to buy a 31-acre former Medford movie multiplex. The move came after the board of directors of Suffolk OTB voted to borrow as much as $90 million for construction of the VLT parlor and immediately pay off its creditors.
storyGambling panel picks 3 upstate sites for casinos Suffolk is expected to break ground on the facility in early 2015, and to open during the year. It will be run by Delaware North, a Buffalo-based gaming and hospitality company.
Suffolk OTB president Phil Nolan declined to estimate revenues, noting that the agency, coming out of bankruptcy, must pay creditors $17 million over the next three years.
Nassau Regional Off-Track Betting is finalizing a contract to purchase an unidentified property for its gaming parlor, OTB president Joseph Cairo said. The parlor would open next year.
Cairo has declined to identify the proposed casino site, citing a confidentiality agreement with the property owner, but said an announcement is expected before year's end. Nassau OTB has authorized $100 million in tax-exempt bonds to buy and develop the proposed site, although officials said the project could cost significantly less. Cairo projects the site will generate nearly $20 million in annual revenue for OTB and the county.
The gaming facilities in Nassau and Suffolk would include slot machines and electronic table games such as roulette, baccarat and blackjack.
Each county has been moving ahead with its projects.
In October, Suffolk Off-Track Betting Corp. closed on a $10.95 million deal to buy a 31-acre former Medford movie multiplex. The move came after the board of directors of Suffolk OTB voted to borrow as much as $90 million for construction of the VLT parlor and immediately pay off its creditors.
storyGambling panel picks 3 upstate sites for casinos Suffolk is expected to break ground on the facility in early 2015, and to open during the year. It will be run by Delaware North, a Buffalo-based gaming and hospitality company.
Suffolk OTB president Phil Nolan declined to estimate revenues, noting that the agency, coming out of bankruptcy, must pay creditors $17 million over the next three years.
Nassau Regional Off-Track Betting is finalizing a contract to purchase an unidentified property for its gaming parlor, OTB president Joseph Cairo said. The parlor would open next year.
Cairo has declined to identify the proposed casino site, citing a confidentiality agreement with the property owner, but said an announcement is expected before year's end. Nassau OTB has authorized $100 million in tax-exempt bonds to buy and develop the proposed site, although officials said the project could cost significantly less. Cairo projects the site will generate nearly $20 million in annual revenue for OTB and the county.
The gaming facilities in Nassau and Suffolk would include slot machines and electronic table games such as roulette, baccarat and blackjack.
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Confidential > Stop
scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
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