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Genting Pays $380M For Racino

Published: September 28, 2010 12:35 pm ET

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Whether it was a ceremonial cheque or the real thing hardly matters. Genting Malaysia yesterday authorized its New York affiliate to pay its $380 million upfront money for the Aqueduct racino to New York State.

The move generated front-page stories all over the Empire State and beyond. Now comes the hard part: building the racino quickly enough to open it, as promised, next spring.

Either way, the New York Racing Association was celebrating, and so was New York City, whose debt to New York’s tracks reportedly could be covered by Genting. Another celebrant was the president of Genting, who sold 900,000 shares of his stock.

Given environmental studies which normally take at least a month, an immediate construction start is not likely, meaning Genting will have to scuffle to meet its spring partial opening.

According to Matt Hegarty’s story in the Daily Racing Form, Genting plans to reconfigure the Aqueduct grandstand, with a ticket price of $1.3 billion.

(Harness Tracks of America)

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