And Speaking of Money

The State Comptroller, Thomas DiNapoli, has warned NYRA to get their finances under control.  DiMapoli is concerned that the Racino moiney from Aquaduct will mask the ongoing losses that NYRA has suffered from o' low these many years, releiving NYRA of their financial responsibilities.

http://www.timesunion.com/default/article/DiNapoli-tells-NYRA-to-work-harder-on-cost-cutting-2683568.php

http://www.timesunion.com/default/article/NYRA-told-not-to-squander-income-2682767.php

On another front, the Seneca Nation is moving forward with its plans to construct the permanent Seneca Buffalo Creek Casino in the City of Buffalo.

http://www.bizjournals.com/buffalo/news/2012/01/25/senecas-pick-architect-for-buffalo.html


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Money Makes the World Go Round, The World Go Round.....

No Suprise Here.  Genting is spending money in Albany. Lots of money.  Lobbyists are doing better than the Pols, but the Pols are getting their share too.  Interesting that the AG is getting money directly, but the Governor is not.  Smart move Andrew.  And, in good business like fashion, both sides of the aisle are being greased, um, receiving contributions.

http://www.nydailynews.com/new-york/racino-operator-donates-100-000-state-pols-article-1.1011447

The Governor's budget bill also ensures that elected officials will not (cough, cough) profit from casinos. 
Elected officials, government employees and political party types would be barred from owning any stake, including stock, in licensed gaming companies.  Further, they would also be blocked from having more than a 10% stake in any business that sells goods or services to a gambling enterprise.

http://www.nydailynews.com/new-york/pols-profit-casinos-dice-gov-cuomo-article-1.1010142

Mayor Bloomberg is not that hot on the gaming idea.  Especially if the City is not getting their cut.  The Mayor notes that such ventures are not always successful, profitable or even good for the surrounding community.  But at least he says "I suppose I think the governor should probably try it as well."

http://www.nydailynews.com/blogs/dailypolitics/2012/01/bloomberg-not-sure-ny-gamblings-a-good-bet

Of course all of this talk of expanding gaming in Massachusetts and New York is not sitting well with in Connecticut. The parent company of the Mohegan Sun casinos has announced a debt refinancing plan offering new terms to bond holders and reducing the loan amount.

 http://www.timesunion.com/business/article/Mohegan-Sun-owners-outline-debt-refinancing-plan-2684867.php#ixzz1kUHCr03E


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And New Jersey is Also Moving, Albeit At a Slower Pace

Gov. Christie has signed bills paving the way for betting on horse racing at bars and restaurants in North Jersey, and sports betting at New Jersey racetracks and casinos.  Further, Jersey is getting closer to establishing a Casino Gaming Study Commission to consider the impact of a Casino in Bergen County (i.e., at Meadowbrook).

Normally, the establishment of a Committee to study a concept such as this is a stalling tactic to show support for the idea while advancing it not an inch.  However, as New York and Massachusetts move clsoer to Casino Gaming, New Jersey will be looking at ways it can sustain some of its Gaming income.  Atlantic City may sink into the sea, but the New Jersey State Government will look to retain it's piece of the pie.

http://littlesilver.patch.com/articles/state-may-study-casino-at-meadowlands



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Pols Coming to Grip With Fact that Full Gaming is Coming

I find this very interesting.  Just a couple of years ago, a voice was calling from the wilderness seeking full casino gaming in New York.  He was told it was too early and that the People of the State were not going to accept it.  Now, all we we have is one legislator, not screaming to prevent Gaming, but arguing that we need to raise the legal age for gaming from 18 to 21.

http://www.amny.com/urbanite-1.812039/pol-wants-to-raise-gambling-age-in-new-york-to-21-1.3473790

This last weekend, the New York Times ran an Editorial arguing that gaming is not the great financial panacea.  But they do not come out and oppose Gaming in New York. 

http://www.nytimes.com/2012/01/23/opinion/new-yorks-bad-casino-bet.html?_r=1&ref=gambling

I have seen rumours on line that New York and Illinois are pushing the Department of Justice to clarify whether States can sell lottery tickets on line. 

http://www.casinoscamreport.com/2012/01/24/u-s-quests-to-regulate-and-legalize-online-gambling/

So what does all this mean?  This is not unlike how I felt in 1988 and 1989, when all of a sudden the big bad boogey man of my life time, The Communist Governments, the Iron Curtain, seem to be falling down without warning or explanation.

Why then, are all of these previously presumed obstructions to Gaming falling down with almost no pushback at all?

OK, the Governor has cut some kind of deal with Genting.  Genting will build the new Queens Convention Center on his own dime.  New York will receive its not insubstantial cut of the gaming proceeds.  But I find it amazing that the Governor is not merely supporting this movement, but putting all of his weight behind it.

This Blog reported last Friday the filing of the proposed New York State Constitutional Amendment to allow casino gaming.  The following day there were some small news article reporting this.  But not page 1.  Page 5 or 7 of some papers.  Then, on Sunday, I did not see one editorial complaining how this important change in New York State Policy is being done quietly and without fanfare.

It just seems that people do not care.  As if it is just not that important.  It will be interesting to see what if any opposition arises and what form it will take.



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Gural Gets Canadian Money for Meadowlands

Clairvest Group Inc. (Clairvest), Clairvest Equity Partners IV Limited Partnership and Clairvest Equity Partners IV-A Limited Partnership (collectively, CEP IV) today announced a combined $20 million commitment to invest in New Meadowlands Racetrack LLC.

http://xwebapp.ustrotting.com/absolutenm/templates/article.aspx?articleid=46526&zoneid=63



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Cuomo Putting His Consdierable Weight Behind Expanded Gaming in New York

Governor Cuomo's office introduced a proposed Amendment to the New York State Consitution which would expand legalized State Controlled Gaming in New York. 

The  Resolution proposes to add eight words to the State Constitution's provisions against gambling by adding the words "and except casino gaming regulated by the state".

http://polhudson.lohudblogs.com/2012/01/20/cuomo-quietly-unveils-casino-gambling-amendment/



Governor Cuomo met with the editors and writers of the New York Times yesterday and came out swinging hard in support of the his proposed Convention Center adjacent to Aqueduct Raceway and Casino. He stated it was a no risk venture for New Yorkers ("Mr. Cuomo promised that the Queens project would "cost the State of New York bubkes,'"). Interestingly, Gov. Cuomo indicated that in the past he would not have been supportive of Indian Gaming, Casino Gaming or VLTs at Tracks. But, he posited that those forms of gambling already exist in New York. For a man ambivalent about Gaming in New York, he appears to be Gaming’s strongest proponent.

http://www.nytimes.com/2012/01/20/nyregion/cuomo-portrays-queens-convention-center-plan-as-risk-free.html?_r=1&ref=nyregion

However, it appears that opinion polls are showing weak support for the Convention Center. 

http://www.northcountrypublicradio.org/news/story/19160/20120120/gov-cuomo-works-on-selling-his-giant-convention-center



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Gaming News in New York for January 19, 2012

On Line Gaming Reday to explode as a resault of DOJ Ruling. 
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/01/18/NSLU1ML1M6.DTL

And if NY legalizes table games Geting New York is prepared to capitalize on it.
http://www.bloodhorse.com/horse-racing/articles/66850/new-york-officials-discussing-casino-ventures

This was several months ago, but, Bankruptcy Court dismisses filing stating that Suffolk County OTB did not have authority to file Bankruptcy without authority from the State.
 http://www.bloodhorse.com/horse-racing/articles/66472/judge-rejects-suffolk-otb-bankruptcy-petition

Jeff Gural of American Racing has been granted a 30 year lease by the State of New Jersey to operate Meadowlands Raceway.
http://therealdeal.com/blog/2011/12/21/newmark-knight-frank-chairman-jeffrey-gural-steps-in-to-operate-meadowlands-racetrack/

http://www.senatenj.com/index.php/beck/beck-meadowlands-deal-offers-promising-future-for-racing/10154

Apparently to the great pleasure of the Horsemen.
http://sboanj.com/index.asp?Key=2147

Also, Vernon Downs and Tioga Downs doing well.
http://www.oneidadispatch.com/articles/2012/01/17/business/doc4f14ac06e71dc951181840.txt?viewmode=fullstory

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First Post

I have been struck by the speed at which things can change here in New York.  For someone who has been involved in Indian Gaming in New York since 1996, who has sat in countless meetings regarding opening an Indian Casino in the Catskills and having witnessed what seems to be glacial movement towards actually getting casinos open either on or off the reservation.

The Department of Interior reviews to take Indian Land into Trust to open an off-reservation Casino seemed at times to take a multi-generational commitment.

I have watched the State Government grapple with and struggle against minor changes to the revenue sharing between horse tracks and the government which made the VLTs feasible.

New York has had the largest untapped gaming market in the United States.  But getting VLT's installed at Aquaduct Raceway in Queens has taken eleven years?

Enter Andrew Cuomo, as the new Governor of the State of New York.

After years of struggle and strife it looked like the Racino at Aquaduct was going nowhere and yet the Resort World Casino at Aquaduct opened on October 28, 2011, with 5,000 VLTs.
http://www.nytimes.com/2011/10/28/nyregion/new-yorks-first-casino-at-aqueduct-racetrack-is-set-to-open.html?pagewanted=all

The Govenor has also announced last summer that he wants full fledged casinos in New York.  As late as yesterday, New York’s Secretary of State Cesar Perales made it clear Wednesday that Cuomo remains serious about legalizing gaming in New York state.
http://niagara-gazette.com/local/x180453107/Cuomo-all-in-on-legalizing-gaming-in-New-York

Things are now moving at what can only be described a lightening speed.  As interested business people and professionals many of us will need a source to keep up with events.  What I intend to do with this blog is update the larger community on a regular basis as to what is going on with Gaming in New York State. It is my intent to do so in a nuetral manner, but hey, we can only hope.

The New York Times is reporting on the lobbying efforts of KT Lim’s company, Genting Berhad, which operating the Resort World Casino at Aquaduct.
http://www.nytimes.com/2012/01/13/nyregion/genting-berhad-muscles-into-american-gambling-in-new-york-city-and-miami.html?ref=gambling
Not all support expanded casinos in New York
http://cityroom.blogs.nytimes.com/2012/01/05/cuomos-push-for-casinos-not-good-news-for-all-gamblers/?ref=gambling

Cuomo warns mobsters to stay away from New York Gaming.
http://www.nypost.com/p/news/local/mobsters_bettor_stay_away_cuomo_7dQuky9DrtdObO8ojRtJFJ

Governor Recommends Merging Division of the Lottery with Racing and Wagering Board
http://saratogian.com/articles/2012/01/18/news/doc4f179b202d38e673357263.txt


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