WHAT’S UP WITH AQUEDUCT? INVESTIGATORS FINDING PROBLEMS IN PROBE
Since embattled Governor David Paterson named Aqueduct Entertainment Group the vendor for Aqueduct’s proposed VLTs, there has been nothing but controversy swirling around his decision. And while nothing specific has been released, it appears the probe from state investigators into AEG is only making matters worse.
"It’s becoming clearer and clearer that there’s a problem there," a source close to the investigation said. Digging through emails and documents between the state and racino bidders, officials have told investigators they were shocked with the selection of AEG.
"AEG was not highly thought of, at least not by the (administration) bureaucrats."
Then come back to the Paulick Report and let us know what you think
Tags: AEG, Aqueduct Entertainment Group, bradford cummings, david paterson, New York Daily News, Paulick Report, slot machine, VLT
March 9th, 2010 at 8:17 am
Aqueduct will never have slots. NY horsemen need to understand this, and create a business model that works without them.
March 9th, 2010 at 9:14 am
Was there is a bidder which, if it were chosen, would not have run into charges of political favoritism and corruption? As the situation now stands, one would think that one of the senior AEG partners would buy out the aptly named Flake, if it is not too late, and it probably is.
March 9th, 2010 at 10:00 am
Didn’t Penn National offer a substantial amount of cash that they actually have?
March 9th, 2010 at 12:10 pm
What is there to investigate? A crooked governor awards the AQU slots bid to his felon pals from “the hood”
March 9th, 2010 at 1:20 pm
Paterson isn’t THE problem with NYRA or slots for that matter. He is nothing more than another bump in the road along the map to stupid, self-serving and incompetence.
The race game has to become more modern and in tune with their fan (whomever is left) and that doesn’t mean just the bettors.
Sell the game and the athletes (horses and jocks)…not just the betting aspect.
March 9th, 2010 at 1:52 pm
The trustees at NYRA did not want NYC OTB in the 70’s. When slots became legal in NY, why werent the NYRA trustees all over it, like the Yonkers Raceway group? Does anyone know?
It is crazy that NY racing is facing these problems. There are millions of people in the NYC area, and most run to stores to buy lotto tickets.
March 9th, 2010 at 3:11 pm
NYRA is just as dysfunctional as ever, instead of using there assets , EX. NYCOTB has done a great job of turning around there programming & there showcasing of the horses for the bettors on ch. 71, let NYCOTB be in charge of an overhaul state wide racing channel, & be able to wrap around the odds from other tracks during the NYRA signalto create more handle/interest, ESPECIALLY during this awful Aqueduct meet, also the handicappers & show material have been extraordinary over the past few years . It seems though that they have an awful marketing department that is stagnating the channel & of course the bloated upper management who dont know if cockroaches are running on there channel, but whoever is running that TV channel has done a fine job!! Hope you continue, I know my ROI has prospered !
March 9th, 2010 at 3:25 pm
Racing in NY and many other jurisdictions has been boiled down to betting revenue at the cheapest return rate, especially signal and off-shore.
Ironic thing is that they screw the bettors too. So in the end, what is the freaking product?
We might as well be watching crack and heroin sellers and betting on them if racing powers continue to ignore the sport, the providers and the fans.
New York is dysfunctional and the voters allow it.
March 9th, 2010 at 6:05 pm
Extract from Penn National Gaming, INC Submission August 13, 2010:
The Penn National offer (initially $5 million, later raised to $250 million and finally to $300 million) is contingent on the resolution of the items noted on our prior communications, which include, but not limited to:
1) Retention of control of the access and parking in regards to any NYRA or non-gaming/mixed use development
2) Protection in the manner of the refundability of the fee on a pro-rata basis over the term of the right to operate Aqueduct VLT’s if the state allows tribal gaming south of Yonkers Raceway or East of Walt Whitman Road/Route 110
3) A cap of $1M on pre-existing and NYRA generated environmental liability
4) NYRA expenses to be paid from the $250 million fee
5) The Aqueduct ground lease not to exceed one-half of one percent of gaming revenue.
These contingencies are potentially VERY costly to the State and New York taxpayers. I hope people now understand why the State could not accept Penn National’s $300 million offer with these onerous conditions attached.
March 9th, 2010 at 6:09 pm
Well, the Feds haven’t been monitoring derivatives, credit swaps or hedge funds.
And the confusion on implemetation of ethical racing and implementation of slots is what?
March 9th, 2010 at 8:06 pm
# 8 D. Masters is right. NY is dysfunctional and the voters allow it. In the WSJ on March 6,, former Gov. G. Pataki said the lack of competition leads to legislators being “complacent and comfortable. it creates a state of entitlement that can lead people to act unethically and illegally.” I might add “irresponsibly.” Since 1982 only 39 incumbents in the State Legislature have been defeated in elections held every two years. NY thoroughbred racing is in dire trouble. NYCOTB plans to close its doors March 31. Legislators need to fix its problems.–like obolete protectionist payments to tracks with VLTs.
March 9th, 2010 at 10:10 pm
Meanwhile, we (NY horse owners and trainers) are slowly dying. We have the highest costs in the country, and we’re competing for purses at Aqueduct that rival those at Penn National.
At this point, why not turn the slots operation over to the Mafia and let them run it. At least we’d have it operating before we’re all bankrupt.