Delaware North Cos. has signed an agreement with the State of New York to build and run a casino at the Aqueduct Racetrack in Queens. It will be the only legal casino in New York City, with its own subway stop, making it easily accessible for all the residents of the giant metropilitan area. DNC, which already operates racetrack casinos at Hamburg, Saratoga Springs and Finger Lakes, will pay $370 million up front for the exclusive casino deal.
The Aqueduct casino is expected to generate about $1 million a day in revenues for the state from its share in proceeds from the 4,500 slot machines DNC plans to operate at the race track. The first phase of the project, expected to take about 14 months to build, includes a 328,000-sq.ft. casino, as well as a parking garage and restaurants. Over the next five years, a hotel and 30,000 sq.ft. of retail space are expected to be added.