Seven Seek Gaming Franchise To Manage VLTs At Aqueduct Race Track

October 16, 2007 -- The Division of the Budget today released the names of the potential gaming operators expressing interest in obtaining a franchise to manage a Video Lottery Terminal facility located at Aqueduct Race Track.

New York Governor Spitzer previously recommended that the racing and gaming franchise be awarded separately. On September 4, Governor Spitzer recommended that a newly structured New York Racing Association be awarded a franchise to conduct thoroughbred racing at the state-owned facilities at Aqueduct Race Course, Belmont Park, and Saratoga Raceway.

The state is considering two alternative models for the development and operation of the Aqueduct VLT facility. Under one approach, the state would own the gaming facility and finance its construction. The state would also contract with a gaming operator to manage the facility for an agreed upon fee plus a performance bonus or profit sharing arrangement. Under an alternative approach, the gaming operator would be responsible for the operating, capital and other expenses associated with the development and operation of the gaming facility, and would retain excess VLT revenues after making the statutory payments for education and racing and covering these operating and capital expenses.

The following parties have expressed interest in obtaining the gaming franchise:

* Delaware North Companies Gaming & Entertainment and Saratoga Gaming and Raceway;
* Foxwoods Development Company;
* Greenwood Racing Inc. (Philadelphia Park);
* Mohegan Sun (with the consent and support of Capital Play);
* Penn National Gaming; *
* Seneca Gaming Corporation; and
* Shinnecock Indian Nation and Gateway Casino Resorts, L.L.C.

* This release has been updated to reflect the expression of interest by Penn National Gaming on the evening of October 15, 2007.

Source: New York Governor

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