Genting New York on Friday presented the New York Racing Association a ceremonial check for $25 million, the amount the company agreed to loan the cash-strapped organization as part of its bid to redevelop Aqueduct Racetrack.
One of the requirements the state placed on bidders was for the eventual winner to cover $25 million of NYRA’s debt, in addition to paying a $380 million licensing fee to the state, which Genting did last month.
Genting will host a ceremonial groundbreaking today, Oct. 28, at Aqueduct, and work on the project is expected to start around Nov. 1. The Jamaica branch of the NAACP plans to hold a rally for jobs and community benefits before the ceremony.
The company plans to construct a dining and gaming facility that will feature 4,500 video lottery terminals at the dilapidated race track. Genting has said that the first phase of the project, which will include some 1,600 VLTs, would likely be completed six months after the first shovel is in the ground.
“Genting is proud to be able to assist NYRA as it rolls out significant improvements that will lead to an even stronger horse racing industry around the state,” Genting New York President Mike Speller said in a statement.