NYC racetrack deal still not closed

ALBANY, New York -- As reported by The Buffalo News: "Four months after being selected to run a massive casino at a New York City racetrack, Delaware North of Buffalo has still not closed the deal with the state, leaving some state officials worried that delays could derail the project.

"Besides providing the Buffalo company with a major expansion in the nation's casino industry, the deal is important to the cash-starved state, which is relying on the $370 million the company was — by now — expected to pay Albany for the exclusive contract to operate the casino at Aqueduct.

"Delaware North and the Paterson administration said the issues are being resolved, albeit slowly. But each day the casino is not open, the state is losing an estimated $1 million in revenue-sharing payments, officials estimate.

"...But Delaware North officials said Thursday that there are several issues still to be resolved with the state and that because of the nation's financial crisis, the company has to "restructure" its $370 million financing deal for the project..."