[NYguy]

http://www.crainsnewyork.com/article...TATE/100929810

Work on Aqueduct racino to begin in Nov.
First phase with 1,600 slot machines to open in the spring; $241 million facility to be completed in 18 months expected to generate $1.5 million a day in tax revenue for NY.



By Amanda Fung
September 29, 2010

Construction company Tutor Perini Corp. announced Wednesday that it will commence building the sprawling, much-delayed video-slot-machine facility at Aqueduct Racetrack around the first of November.

The company is working for developer Genting New York, the winning bidder in the decade-long race to revive the crumbling racetrack in Ozone Park, Queens.

At a news conference earlier this week, Genting New York, part of a giant Malaysian-based casino and cruise ship operator, announced it had delivered its upfront licensing fee of $380 million—five days ahead of the official deadline. Tutor Perini said the construction costs of the 4,500 video-slot-machine facility will be $241 million. When the racino is completed in 18 months, it is expected to generate $1.5 million a day in tax revenue to the state.

“Genting is excited to have crossed the finish line and will now quickly get to work building a first-class casino that will not only showcase the best in gaming and entertainment, but will result in more than 2,000 jobs and significant recurring revenue for New York state,” said Mike Speller, president of Genting New York, in a statement.

“They are ready to move forward with construction, and we are anxious to see the facility get up and running, hopefully by the spring with the initial phase,” said Betty Braton, chair of Community Board 10, which covers the area around the race track.

The new facility, dubbed Resorts World New York, will have a newly-constructed entrance lobby and porte-cochere, as well as an elevated and covered walkway that will connect the facility to the subway station. Tutor also said it will improve the exterior of the existing structure, as well as roadways, parking lots and landscaping. Genting plans to open a 200-seat high-end Chinese restaurant, a sports bar with a 280-seat lounge, several buffet-style restaurants, and even a water show. The company said it expects to complete the restaurants, food court and roughly 2,100-space, multi-level parking garage a little over a year after construction starts.

The facility will open in three phases, so it can begin operations almost immediately, according to Tutor Perini. The first 1,600 video slots are expected to be in operation this spring. At the end of the second phase, the remaining slots will open as well as a light show, the restaurants, a sports bar and the entrance lobby.