upstate casinos to open<\/a> without downstate competition.<\/p>\n<\/div>\nPaterson says the state and Cuomo should lift the moratorium and allow companies like Sands to enter a bidding war for the coveted gaming rights. The ex-governor believes the upfront licenses will provide the state with $1.5 billion in immediate fees, and $900 million in new, reoccurring annual revenue.<\/p>\n
Gaming Scandal<\/b><\/h2>\n
Paterson’s short term as governor wasn’t without controversy.<\/p>\n
New York legalized video gaming terminals (VGTs) at the state’s eight horse racetracks in 2001 after the state economy suffered in the wake of the 9\/11 terrorist attacks. The racetracks turned into racinos in the years after. But the Aqueduct Racetrack gaming license in Queens, viewed as the most profitable, set off a bidding war that led to alleged peddling, controversies, and years of delays.<\/p>\n
In January of 2010, Paterson awarded the Aqueduct casino license to a firm called Aqueduct Race Track Entertainment Group (AEG). The bidding process was investigated by both state and federal authorities after allegations emerged that Paterson picked AEG because of his close friendship with Jay-Z, who held a seven percent stake in AEG.<\/strong><\/p>\nPaterson later recused himself from the racino bidding, and the license ultimately went to Genting Group, which agreed to pay an upfront fee of $380 million. Since opening in 2011, Resorts World New York City, as the Aqueduct casino is called, has generated more than $3 billion in tax revenue for the state.<\/p>\n","protected":false},"excerpt":{"rendered":"
Former Democratic New York Governor David Paterson is calling on state lawmakers and his successor, Gov. Andrew Cuomo (D), to begin the bidding process for three downstate casinos. In a Sunday op-ed published in the Times Union, the less than one-term governor opined that authorizing the new casinos will deliver much-needed revenue to the cash-strapped […]<\/p>\n","protected":false},"author":25,"featured_media":156962,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,57],"tags":[],"acf":[],"yoast_head":"\n
Former Gov. David Paterson Urges NY to License Downstate Casinos<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n