Larry Woolf, the president of Navegante Group, the gaming component of the winning Aqueduct Entertainment Group bid, told the Las Vegas Review-Journal that the next phase of the process is negotiating a memorandum of understanding with New York's state lottery authorities.
He expects talks will take up to two months with the casino opening coming about six months later.Payment structure?? I thought it was same day fed funds, an upfront payment due by the end of the current fiscal year ending March 31? Y'know, like Penn National said they would do. That's the kind of language which makes one feel that they don't have the cash on hand. And the governor said that the talks would take 30 days, not two months. Hmmm, MOU's.....structuring payments....protracted negotiations......this is already starting to sound familiar.
Part of the negotiations, Woolf said, will be the payment structure of an upfront franchise fee of $300 million, a condition set by the speaker of New York's state Assembly.
The article also notes that "Several Wall Street analysts were surprised the Aqueduct contract wasn't awarded to a large casino operator." So it's not just us. And there's some speculation of some legal action by the losers, but I agree with this reader, who points out that the state gave fair warning that it would conduct the process by rules which were subject to change at its whim. They all willingly played the game when they thought they could win.
Woolf also says that the first 3,000 machines will be installed within the present plant.
The additional 1,500 games would be added in a new phase, along with additional entertainment amenities and a 300-room hotel.So, no slots in a box here. We'll just have to agree to disagree on this one. I respect all of your opinions, but I just don't see this kind of complex thriving in Ozone Park. Hopefully, I'll be wrong, and people from around the country will fly into JFK and spend the weekend on Rockaway Boulevard. We'll see.