Genting makes $380 million payment to New York for Aqueduct
Malaysia-based Genting showed it’s serious about operating a slot machine casino at New York City’s Aqueduct Racetrack.
The company delivered a $380 million upfront payment to the State of New York Monday, five days before its due date. The payment is $80 million above the original minimum that had been specified by the state.
The casino at Aqueduct is expected to open in six months with some 1,600-slot machine-like video lottery terminals. Another 2,925 electronic machines will be added in the following six months.
In total, the casino, which will be known as Resorts World New York, will have 4,525 VLT machines, two restaurants and a sky bridge connecting it the subway stop at Aqueduct.
Genting has promised to spend $1.3 billion on the facility.
“After almost a decade of delay, this project is finally becoming a reality and all New Yorkers will benefit,” New York Gov. David Paterson said in a statement.
The state expects the video-lottery machines will produce more than $279 million of revenue annually after paying gambling prizes and other expenses, Jennifer Givner, a spokeswoman for the New York Lottery told Bloomberg News Service.
