Possible investment flexibility for racino
An Assembly bill that would allow for the Saratoga Casino & Raceway to receive additional investment is showing the first sign of life since 2011.
Assembly Bill 3710 from Yonkers Democrat Gary Pretlow, the Assembly's point man on racing, would allow for medium size racinos to receive extra investment, according to the bill memorandum. The bill would give two medium sized racinos, including the one in Saratoga, the ability to qualify for the full investment, which is currently only the right of the four racinos with less than 1,100 video gaming machines.
If enacted, according to the bill memorandum, this proposal would allow the Saratoga racino to "reinvest in additional amenities and expanded gaming space." The result would be job creation and more revenue for the state.
The companion legislation was introduced by a upstate Republican Sen. Michael Nozzolio, who is part of the Senate Majority Coalition. His proposal has not moved since being introduced in May.
This bill would also apply to the Finger Lakes Casino & Racetrack. The law that currently apples at the Finger Lakes and Saratoga says, "track operator of a vendor track shall be eligible for a vendor's capital award of up to four percent of the total revenue wagered at the vendor track after payout for prizes."
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