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Remember when your family got its first color television?
That’s the type of rush you’ll feel as you walk through the passageway on the first floor that connects Aqueduct Racetrack to Resorts World Casino New York City.
The track is predictably drab, just as its been for some time now.
The casino is a glittering colorful combination of gaudy and grand.
The casino has 2,500 VLTs (video lottery terminals) currently in operation and another 2,500 will be up and running by mid-December. Included among those 5,000 terminals will be popular casino games (in automated form) blackjack, baccarat, roulette, craps and sic bo, an Asian dice game similar to craps.
The food court offers everything from Popeye’s fried chicken to gourmet fare from Wolfgang Puck. The buffet is overwhelming.
The casino is going to do well. So how will its success affect racing?
According to projections, quite well.
NYRA is anticipating more than $40 million in VLT revenue during 2012 for operating expenses and capital improvements.
“We are going to put in a top of the line sports bar,” said New York Racing Association president and CEO Charles Hayward. “That will get done this winter and, hopefully, be ready for next summer.”
But that’s far from all.
“The sports bar will also function as a simulcast facility and we have already made some rudimentary changes to the building,” Hayward said. “We have a plan but we don’t have the money right now.”
Horsemen are going to reap the benefits of the VLTs as well. “We have paid out purses of about $100 million during 2011. That should bump to $140 million next year,” Hayward said.
Ultimately, Hayward sees racing standing on its own down the road because of expected increased handle, which he is banking on as purses rise. As purses rise, average field size increases, which is more attractive to bettors.
The NYRA has lost money every year since 2003, but Hayward says that trend is about to end. “We will be profitable next year because of the VLTs,” Hayward said. “But we think that by 2013, we want to show the state that we can be profitable on racing alone. That’s very important to us.”
Not to mention everyone else in the racing game.
Copyright © 2024 New York Daily News

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