The bonds used for the Nassau OTB Race Palace are obscene. Almost anyone would know that the Jericho Branch could/should have been replaced by another branch. Real estate? Might as well be quantum physics.
and now slot machines? Consider what history might teach.
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Nassau Off-Track Betting (OTB) Corporation purchased the Vanderbilt in
Plainview in May from the Morey Group for $6.35 million to turn the once
catering and concert hall into an upscale horse racing teletheater,
which is scheduled to open in November.
The purchase price of $6.35 million was slightly below three appraisals done and was purchased without using any taxpayer money. One percent of the money that comes from winning tickets at OTB is put into a capital improvement fund, which is set aside to improve certain things for the OTB customer. Money to purchase the Vanderbilt came from the Capital Improvement Fund, from bond anticipation notes and cash on hand that OTB had. OTB is bonding money for part of the purchase and the renovation, a total combined project that is anticipated to cost $10 million including the purchase price and renovations. The 47,000 square-foot building, which is located at 1600 Round Swamp Road in Plainview, just south of the Long Island Expressway and just west of the Suffolk County border, will be named "the Race Palace" and house Nassau County's only teletheater. At a teletheater, patrons pay an admission fee, usually $2 or $3, and get track odds. At an OTB, if someone won $10, six percent would be taken out and the $10 bet would pay $9.40 with $.60 going to OTB. That same bet at the track would pay the full $10 and it is the same at a teletheater including the Race Palace. At a teletheater the admission fee is in lieu of the surcharge. There was a law in New York State that limited a teletheater to 40 miles in distance from a race track, but that law was amended this year making the distance now 15 miles and the new Plainview location is just over the allowed 15 miles from Belmont Racetrack in Elmont. The Race Palace is going to be located on the second floor of the building and an admission fee will only need to be paid by patrons going upstairs to the OTB. The plans for the Race Palace include theater-type seating for approximately 150 people, 80 individual carrels, which are betting stations with TV monitors, a VIP room with televisions and its own cashiers for high-rollers. On the mezzanine level, there will also be additional seating for catered parties all overlooking the second floor OTB. There is also a possibility of a cigar bar. There will also be Quick Draw from the New York Lottery in a lounge area for those not interested in betting on the horse races. "This is an entertainment business and we want everyone to have an enjoyable time," said Larry Aaronson, president of Nassau County OTB. "We are gearing this to the knowledgeable race fan as well as people who aren't race fans." Another difference between a teletheater and other OTBs is that the teletheater can serve food and drinks and the Race Palace will be no exception. Palmer's Bar and Grill is located on the first floor of the Race Palace and is currently open for business. Palmer's will also have a concession stand on the second floor serving food and drinks to those at the OTB. Palmer's currently leases the restaurant area from OTB at fair market value. In addition to food, Palmer's has set up a stage in the restaurant for acoustic music concerts, which will be on a much smaller scale than the Vanderbilt saw in the past. According to Aaronson, all profits from OTB go directly to the county. "The New York State lottery is set up to gain revenue for education and OTB's revenue is directly for the county," said Aaronson. "We will run the franchise under the New York State Racing and Wagering Commission." OTB officials are expecting the new racing palace to make a $2 million profit for the county in each of the next few years and also expect that number to grow even more as time goes on with all profits going to Nassau County. Aaronson is hoping that the upscale nature of the Race Palace will build the demographics of OTB. "Right now the average age of people visiting the OTB is 45-60," he said. "We are looking to expand that to 25-40-year olds. We want people to think of this more as a large sports bar than a typical OTB." Aaronson and OTB officials have addressed many concerns brought up by residents. Patrons must be 21 years old to place a bet, compared to other places in New York State where the legal age is 18 years old. There will be many security cameras and security guards. According to Aaronson, there are 288 parking spots and there should be little to no impact on rush hour. "People are not coming and going at one specific time so it is staggered," he said. Aaronson has met with the Plainview-Old Bethpage School District's Board of Education and local senior citizens and has intentions to meet with the POB Chamber of Commerce. He said he is excited about this project and has heard great feedback from local residents and groups. Construction is expected to last until November and Palmer's Bar & Grill will remain open during construction. Nassau OTB to issue $3M in bonds to cover shortfall; says ...
www.newsday.com/.../nassau-otb-to-issue-3m-in-bonds-to-cove...
Mar 5, 2014 - Nassau Off-Track Betting Corp. plans on issuing about $3 million in bonds in March to cover some unexpected expenses and revenue ...
Newsday
Our Practices - Public Finance - Phillips Lytle LLP
www.phillipslytle.com/PracticeArea/202/Public-Finance
This process involves bond issuers, underwriters, corporate and not-for-profit .... Off-Track Betting Corporation $21,810,000 Revenue Bonds (Nassau County ..Fitch Rates Nassau County, NY's Revenue Anticipation Notes
www.businesswire.com/.../Fitch-Rates-Nassau-County-NYs-Revenue-Ant...
Jun 11, 2013 - --Approximately $259 million in outstanding Nassau Health Care ... The NROTBC bonds are backed by the county's covenant under a support ...
Missing:
Fitch Rates Nassau County, NY's Revenue Anticipation Notes
www.businesswire.com/.../Fitch-Rates-Nassau-County-NYs-Revenue-Ant...
Jun 11, 2013 - --Approximately $259 million in outstanding Nassau Health Care ... The NROTBC bonds are backed by the county's covenant under a support ...
Missing:
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