Schenectady County

Schenectady to get another $1M from Rivers Casino project

The city is getting another $1 million from the Rivers Casino and Resort at Mohawk Harbor
PHOTOGRAPHER:

The city is getting another $1 million from the Rivers Casino and Resort at Mohawk Harbor before it opens early next year.

Rush Street Gaming, the Chicago-based company that will operate the casino, took out a $176 million mortgage on the $330 million casino, which will give the city $880,800 in mortgage taxes and $440,400 to the county.

Rush Street also took out a $33 million mortgage for the adjacent 163-room hotel, which will give the city another $165,000 in mortgage taxes and the county $82,500.

The mortgage tax for the city is .5 percent, with .25 percent for the county and another .25 percent each for the state and Capital District Transportation Authority.

That gives the state and CDTA $440,400 in taxes from the casino mortgage and another $82,500 from the hotel mortgage.

The city, county, state and CDTA have not yet received the money. The county will distribute the funds in the near future.

Two months ago the city and county got $2.5 million each from the $50 million casino license fee Rush Street was required to pay the state.

Other counties in the region also shared 10 percent, or $5 million, of the fee. Those counties are Albany, Saratoga, Rensselaer, Washington, Fulton, Montgomery and Schoharie.

The remaining $40 million will be distributed to public schools statewide as part of the state’s education formula.

The Rivers Casino and parking garage are currently being built. The casino is expected to open by March. The hotel, which is starting to be built, will open about six months after the casino.

The casino will house 1,150 slot machines, 63 table games and 16 poker tables. It’s expected to create 1,200 jobs.

The casino is projected to provide the city and county with $4 million in gaming revenues and another $2 million to the Schenectady City School District.

The Mohawk Harbor site, being developed by Rotterdam developer the Galesi Group, is also taking shape with a 208-unit apartment building and 124-room Courtyard by Marriott hotel.

Construction will also start soon on office and retail buildings and a 15-unit townhouse building. The 60-acre brownfield also features a 50-boat-slip harbor and will have biking and walking paths.

Categories: Business, News

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