[NYguy]

http://www.crainsnewyork.com/article...FREE/100819925

Aqueduct bidder wins final yea vote
End of 9-year, 5-round bidding process in sight; Assembly Speaker Sheldon Silver casts his vote—the last of three needed—in favor of Genting building a racino at the old track.

By Amanda Fung
August 12, 2010

New York state Assembly Speaker Sheldon Silver has signed off on the state Lottery Divisions' recommendation of Genting New York, part of a Malaysian entertainment giant, as the winner of the lucrative Aqueduct racino bid. Mr. Silver was the third and final state official who needed to approve the bid.

The approval may finally mark an end to a long drawn-out bidding process, which began nine years ago and is now in its fifth round. Earlier this week, Senate Majority Conference Leader John Sampson issued his approval of Genting to revive the rundown racetrack in Ozone Park, Queens, and install thousands of video slot machines. The announcement came just a week after the state Lottery Division selected Genting, the sole remaining bidder in the race to development Aqueduct. Gov. David Paterson said he would just go along with Lottery's selection. A spokeswoman for Mr. Silver confirmed his support.

The official Memorandum of Understanding is expected to be signed by all three leaders by the end of the week. The contract will then go to the state attorney general's office and the state controller's office for final approval. If those approvals are granted, Genting has 10 days to deliver the $380 million upfront licensing fee it promised to the state, a Lottery spokeswoman said.

Genting, which promises to open the first phase of the video slot machine project in a mere six months, offered $80 million more than the mandatory $300 million fee that the state requested. The extra money will help to narrow the state budget deficit. The Aqueduct racino is expected to create about 1,200 construction jobs and 800 permanent ones and bring the state some $500 million a year in revenue.