vige via flickr
It didn’t look like much, the racetrack in Queens. On Monday, the Aqueduct, whose angular Jetsons grandstand must have looked modern when it was built in 1959, hulked empty next to a parking lot, its asphalt crevices luxuriant with weeds. A lone seagull flew overhead, and aside from the distant roar of jets departing J.F.K. and the white din of traffic from North Conduit Avenue, the Aqueduct sat silent.
And fallow.
It is these 210 acres that have caught the gambler’s eye of casino magnate Steve Wynn, who was scheduled to land in New York City on Monday, July 27. On July 29, he is to personally present to Governor Paterson’s office his proposal for the racetrack’s redevelopment.
This week, Albany will also host solicitous visits from New York City’s largest office landlord, SL Green CEO Marc Holliday, and teammate Hard Rock; MGM and its partner, the Florida-based developer Peebles Corporation; and a cleverly devised consortium called Aqueduct Entertainment Group that combines both national investors like the Navegante Group and local ones like the Rev. Floyd Flake–founded Empowerment Development Corporation. Other bidders likely to make in-person pitches include: Mohegan Sun; Penn National Gaming; and Delaware North, which won development rights to the Aqueduct last year, before the credit freeze prevented it from keeping its financial commitments to the state.
If all goes as planned, these tête-à-têtes should mark the culmination of an eight-year state quest to award development rights for New York City’s first casino—Las Vegas lite, in Ozone Park. It will include thousands of electronic slot machines, known in the industry as VLTs, or video lottery terminals; and, depending on which developer wins, all manner of other amenities, like hotels, restaurants and parking garages.
The rights are worth billions of dollars over the 30-year term of the lease agreement, both to the developer and to the state, which will garner an estimated $300 million annually in revenue.
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