BY R.J. DELUKE<\/p>\n
Saratoga Harness Racing LLC, the operators
\nof Saratoga Casino and Raceway, lost out
\nin December on a pair of bids to build one of
\nthe new state-approved full-fledged casinos
\nthat, unlike the current Saratoga facility,
\ninclude table games like poker, black jack
\nand roulette.<\/p>\n
But James Featherstonhaugh, an Albany
\nattorney who is a partner at the Saratoga
\nCasino and Raceway, said the local operation,
\noften still referred to as the Racino, will be
\nready to compete with a new casino.<\/p>\n
It also will not stop the addition of a new
\nhotel at the Casino and Raceway. “We hope
\nto move forward with that as expeditiously
\nas possible,” he stated.<\/p>\n
The local group was in the running with
\ntwo projects, one at a site on Thompson Hill
\nin East Greenbush, Rensselaer County, and
\nthe other farther south in Newburgh.<\/p>\n
But just before Christmas, the Gaming
\nFacilities Location Board of the state Gambling
\nCommission issued three licenses from
\namong 16 competitors. The casinos, pending
\nmore permitting and red tape, will be built
\nin Schenectady, on the banks of the Mohawk
\nRiver; in the town of Thompson in Sullivan
\nCounty; and in the town of Tyre, near the
\nFinger Lakes.<\/p>\n
Saratoga was once considered a possibility
\nas a site for a new casino, but plans were
\nwithdrawn when there was significant public
\nopposition.<\/p>\n
With the close proximity of the Rivers
\nCasino project in Schenectady to Saratoga
\nSprings, there is speculation that it could
\nhave an adverse impact on Saratoga Casino
\nand Racing.<\/p>\n
Rivers Casino & Resort at Mohawk Harbor
\nis owned by Capital Region Gaming. The
\nproject calls for the developers to spend
\n$300 million on an ornate complex on the
\nriver, viewed as integral to the revitalization
\nof Schenectady.<\/p>\n
Featherstonhaugh said he has seen studies
\nthat estimate the Racino could lose anywhere from 30 percent up to as high as in the 40s.<\/p>\n
He said if business takes that much of a hit
\n“there would be some downsizing, in terms
\nof employment and such,” but added “I don’t
\nthink that anyone can tell you specifically
\nwhat will occur … It’s a little early to say
\nwhat exactly will happen.”<\/p>\n
Featherstonhaugh said it will be anywhere
\nfrom 18 to 30 months before the new casino
\nis ready to open.
\n“We will use that time to plan for competition,
\nembrace it and be ready to compete
\neffectively,” he said.<\/p>\n
Saratoga Harness Racing Inc. also recently
\nsigned a definitive purchase agreement with
\nChurchill Downs Inc., whereby the latter will
\npurchase a 25 percent membership interest
\nin Saratoga Casino Holdings LLC (SCH)
\nfor approximately $30.6 million. Churchill
\nDowns will manage the local facility when
\nplans are finalized.<\/p>\n
Featherstonhaugh said the alliance
\nwith Churchill “makes the entire business
\nstructure much stronger, regardless of the
\nsurrounding landscape.”<\/p>\n
Both the purchase and management
\ncontracts will become effective as soon as
\nCDI and SHRI obtain necessary licenses and
\napprovals in New York and Colorado. The
\nparties anticipate approval in the secondquarter
\nof 2015.<\/p>\n
SCH is a newly formed entity which
\nwill include the following assets: Saratoga
\nCasino and Raceway in Saratoga Springs,
\nN.Y.; SHRI’s controlling interest in Saratoga
\nCasino Black Hawk in Black Hawk, Colo.;
\nand its 50 percent interest in a joint venture
\nwith Delaware North Companies to manage
\nthe Gideon Putnam Hotel and Resort in
\nSaratoga Springs.<\/p>\n
The deal would have included its interest
\nin the proposed Capital View Casino & Resort
\nin East Greenbush; and SHRI’s interest in a
\njoint venture with Rush Street Gaming to
\nbuild the proposed Hudson Valley Casino
\n& Resort in Newburgh, had those projects
\nbeen approved.<\/p>\n","protected":false},"excerpt":{"rendered":"
BY R.J. DELUKE Saratoga Harness Racing LLC, the operators of Saratoga Casino and Raceway, lost out in December on a pair of bids to build one of the new state-approved full-fledged casinos that, unlike the current Saratoga facility, include…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,115],"class_list":["post-28550","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-saratoga-springs"],"yoast_head":"\r\n