Genting receives New York Lottery recommendation for Aqueduct VLTs

Genting receives New York Lottery recommendation for

Aqueduct VLTs

The NY Lottery delivered its recommendation on Tuesday of Genting New York as

the developer and operator of the video gaming facility at Aqueduct Racetrack.

In its report to Governor David Patterson, the lottery's evaluation committee

cited Genting's financial offer of $380 million as an upfront licensing fee and

the Malaysian-based group's vastly experienced and professional gaming company.

They said that Genting's proposal "reflects a deep and insightful understanding

of the opportunity and challenges of Aqueduct." 

"The New York Racing Association Inc. (NYRA) is encouraged by the New York State

Division of the Lottery's timely selection of Genting New York LLC to develop

and operate the VLT facility at Aqueduct Race Track," NYRA President and

CEO Charles Hayward said. "The

community surrounding Aqueduct has expressed support for Genting's plans, and we

trust that the leaders of the State Assembly and Senate will approve the

Lottery's recommendation at their earliest opportunity."

The report said Genting scored 95 out of 100 points in the evaluation

process.

"Genting's proposal was far superior, in concept, scope, detail and

execution, to any we have seen in previous rounds of evaluation," the report

noted. "It is well known that other bidders, and potential bidders, found the

State's requirements too demanding to accept. They made the fatal assumption

that the process was still open to maneuvering and negotiation. We acknowledge

that the process was tough and the expectations were rigorous, but our

requirements were crystal clear. For Genting to emerge from such a

grueling process as a strong winner is a testament to the effort, skill and

intelligence of their team. Every aspect of their proposal demonstrated the

highest standards of professionalism and respect."

Genting proposes a phased development process that will begin with the

opening of a preliminary phase of the facility equipped with 1,600 video lottery

terminals six months after approval, a second phase opening six months later

with two gaming floors equipped with the full complement of 4,525 VLTs, a

2,100-space parking garage, and a new pedestrian bridge to the Aqueduct subway

station, and a final phase with completion of abatement activities and

construction of a new porte cochere.

Approval can be granted by the Governor's signature, together with the

signatures of the Temporary President of the Senate and the Speaker of the

Assembly, on the required Memorandum of Understanding, which has already been

signed on behalf of Genting.