NEWS
Paterson, legislature silent on Aqueduct racino
Posted: Friday, October 30, 2009 10:42 AM
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by Paul Post
New York Governor David Paterson and state legislators responsible for naming an Aqueduct gaming operator met again in person on Thursday, but the topic of naming a racino operator never arose.
Gov. Paterson, Assembly Speaker Sheldon Silver (D-Manhattan), and Senate Democratic Conference Leader John Sampson (D-Brooklyn) gathered in New York to discuss a projected $3.1-billion state budget deficit, blamed largely on a recession-related 15.9% drop in tax revenue during the past year.
Aqueduct’s racino is expected to generate $1-million per day for the state. That revenue would not be included in this year’s budget, because the facility would not open until late next summer or early fall at the soonest. However, Gov. Paterson’s proposed Deficit Reduction Plan (DRP) anticipates a $200-million upfront payment from whoever is awarded the 30-year contract. That money would be part of the current year’s budget but would not be available until a gaming decision is made.
“In a further warning from the state’s budget director on October 20, the state faces cash deficits as soon as December if corrective action is not taken,” the DRP says.
Because of uncertain economic conditions, the state’s cash deficit could reach $4-billion, state Comptroller Thomas DiNapoli said on October 14.
Paterson spokesman Morgan Hook said Thursday that there is no timeline for selecting an operator but a decision is expected soon. The governor’s office and spokespersons for Silver and Sampson have echoed those statements for weeks.
Six groups have bid on the gaming contract and are offering the state upfront payments ranging from $100-million to $300-million.
Paul Post is a New York-based correspondent for Thoroughbred Times
