NY Lottery Disqualifies 2 of 3 bidders (UPDATE: Deal finalized)

[asudevil]

Originally Posted by freddymo

They can not and will not award a single bidder the project when the entire free world either choose not to bid(remember a paultry 3 bidders surfaced) or bidded with caveats in place. The state(Lottery) put forth an RFP and from such the received 1 single potentially complaint bid that may or may not be licensible. Ask yourself this, Do ya think Green and Penn believe Genting is real competition? Why on earth would they submit non complaint RFP's IF they thought Genting was likely suitable partner? You think these groups didn't do their homework?

I suggest the current process will end fairly quickly and hopefully when the new Gov, is in place can re start in jan of 2011. In the mean time NYRA had better instutute Plan B:

No racing 1/1/2011 thru 3/15...Hedge Fund can race at Philly park or Penn Nat

Spot on!! Penn has a billion in cash on it's balance sheet. They have been bottom feeding for a Vegas casino for over a year now. Penn has done massive due dilligence and there is no way they would take the demands of that RFP to heart. They just told the state to drop dead, as did Wynn, MGM, and Harrah's.

[richard]

Genting has a presence in NY allready . They own a piece of Monticello Raceway . http://www.timesunion.com/AspStories...ategory=REGION
About Kien Huat , they were major financiers of Foxwoods, MGM Mirage, etc... they have substantial interests in Genting...this group sure appears enormous and they have an established record of working closely with governments to get projects done... I also get a sense that this group is well positioned to expand their interest to Belmont , in conjunction with a tribe if it is called for , because their CEO G.Michael Brown was CEO of Foxwoods and Seneca gaming group and his law firm is expert in gaming law...
http://www.worldmarketmedia.com/2023...ty-iii-limited
Genting Group's largest hotel in the world and casino in Kuala Lumpor, Genting Highland (pictured) , among others ... and they've recently concluded phase I of Sentosa in Singapore by opening a casino and 4 of 6 planned hotels .


As they say in the pp notes "do not dismiss."

And the first article states in this thread Penn and SL Green are prohibited from any further bids if that comes to pass .
And as far as cancelling the inner track meet Mr Hayward just said that is not going to happen . That meet generates up to $10,000,000 in handle on good days , he said .

[freddymo]

Who said anything about them being without means? BTW have you been to Monticello? It isn't exactly the Wynn.

[richard]

No I have not been to Monticello . I do know every facility needs to be managed so that there is a profit . NY has long wanted an Aqueduct casino developer capable and interested in building a hotel(s) as well . The vision and business model that Genting seems to be successful at is exactly that .

Casino + hotels = resort = profitable...we can only imagine the vast potential of Aqueduct and Belmont as the center piece of great international horse racing resort venues. Let's keep our fingers crossed this deal gets done this time around for the horse industry and hospitality jobs jobs jobs ....

And then NY can focus on cleaning up the NYCOTB rip off .

[freddymo]

Originally Posted by richard

No I have not been to Monticello . I do know every facility needs to be managed so that there is a profit . NY has long wanted an Aqueduct casino developer capable and interested in building a hotel(s) as well . The vision and business model that Genting seems to be successful at is exactly that .

Casino + hotels = resort = profitable...we can only imagine the vast potential of Aqueduct and Belmont as the center piece of great international horse racing resort venues. Let's keep our fingers crossed this deal gets done this time around for the horse industry and hospitality jobs jobs jobs ....

And then NY can focus on cleaning up the NYCOTB rip off .

Resort in Ozone Park? Huge hotels on Jamaica Bay? Atlantic City has a 3600 room hotel waiting to for someone to finance the last stages development and that currently is on hold. Unfortunately Genting will not be approved and the process will continue to fester.

[richard]

Let's see if I have this right Freddy . We're down to a one horse race . And you are betting against the only horse in the race ?

“As long as Genting’s moving ahead, it’s not a setback at all,” said Bennett Liebman, head of Albany Law School’s Racing and Wagering Law Program and a NYRA board member."
http://www.thoroughbredtimes.com/nat...ming-race.aspx

Looks like a slam dunk to me . However, history has proven you right time and again Freddy ... 10 years and counting...

[freddymo]

Originally Posted by richard

Let's see if I have this right Freddy . We're down to a one horse race . And you are betting against the only horse in the race ?

“As long as Genting’s moving ahead, it’s not a setback at all,” said Bennett Liebman, head of Albany Law School’s Racing and Wagering Law Program and a NYRA board member."
http://www.thoroughbredtimes.com/nat...ming-race.aspx

Looks like a slam dunk to me . However, history has proven you right time and again Freddy ... 10 years and counting...

It maybe a 1 horse ace and the horse is fit and ready to run but the track will be closed for maintainence.

Something will happen to delay the process, either it will be Genting realizing the they dont have to accept these terms because there isnt competition or the State(most likely) rcognizing that the process only yielded one suiter and hence th eprocess was flawed.

I like you hope for NYRA (NY Racings) success.

[Kasept]

Operator for Aqueduct casino gets state comptroller's approval
By Matt Hegarty

New York’s state’s comptroller on Monday approved a contract giving a Malaysian company a 30-year right to operate a casino at Aqueduct racetrack, paving the way for construction to begin on the casino sometime this fall.

Comptroller Thomas DiNapoli’s approval was the last required to put the contract into force, after prior approvals from state legislative leaders and the state attorney general. The Malaysian company, Genting New York, now has 10 days to forward the state a $380 million upfront payment. After the payment is made, and after a review of the environmental impact of the project – a process that is expected to take approximately 30 days – the company can break ground.

DiNapoli’s approval followed nine years of torturous maneuverings to name an operator for the casino following the legislative approval of slot machines at racetracks late in 2001. The state lottery had conducted three bidding rounds for the contract, with the first two winners eventually disqualified for financial or political reasons. In the final round, Genting was the only operator who met the lottery’s requirements.

“After nearly a decade of false starts and broken promises, the [slot-machine] contract is done,” DiNapoli said, in a statement. “This is one of the most important vendor contracts New York has ever signed.”

Stefan Friedman, a spokesperson for Genting, said that the $380 million upfront fee will be forwarded to the state within 10 business days. The company remains confident that 1,600 machines will be up and running at Aqueduct by April, and that the full project will be completed by the end of 2011, aside from some aesthetic touches.

[richard]

$380,000,000 check today
http://www.cbs6albany.com/news/today...ract-year.html
http://saratogian.com/articles/2010/...0344974894.txt
http://albany.bizjournals.com/albany...27/daily5.html

[blackthroatedwind]

Freddy was wrong? How is this possible? He was SO due to be right.

Genting group chairman Lim Kok Thay (seated C) plays bacarat to begin the soft opening of Singapore's first casino at Resorts World Sentosa complex in Singapore on February 14, 2010.

Congrats, New York.

[phystech]

And to think, the brainiac politicians in Maryland received $28mm for a 4800 machines slot license ........ are they smart or what???

And, the taxpayers in MD are buying the freaking machines, not the license holder.

[pgiaco]

OMFG, I can't believe this is finally happening..

[richard]

State Lottery Division Director Gordon Medenica (l.) and Genting New York President Mike Speller pose with the $380 million check Genting is giving the state to complete the Aqueduct video lottery terminal deal. Photo courtesy Gov. David Paterson's office.
http://www.yournabe.com/articles/201...t_20100930.txt