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Gaming in N.Y. on Very Slow Roll23 April 2003ALBANY, N.Y. -- As reported by the Press of Atlantic City: ``Last April casino executives, tribal leaders and politicians gathered here for the first New York Gaming Summit, surfing a gambling-expansion wave that was about to bring 14 more casinos and racinos to the state. ``One year later, they are still waiting for 13 of them. ``Experts attending the second New York Gaming Summit on Tuesday grumbled about how a cash-strapped state that 18 months ago rushed a legally questionable gambling bill through the legislature at midnight now is dragging its feet despite an $11.5 billion budget deficit. ``…Park Place has been trying for four years to build the casino. It's nowhere close to breaking ground. ``…As for the eight possible 'racinos,' or racetrack slot operations, the tracks refuse to begin gaming until the state gives them at least 20 percent of the revenue generated by the video lottery terminals. The current law would give them 12.5 percent. ``… The biggest loser in all this is the State of New York. Based on its legislated cuts of the revenue streams, attorney James Featherstonaugh said, the state could be realizing annual revenues of $1 billion from racinos and $450 million from the casinos. ``…The Seneca casino is the only tangible result of the 2001 New York gambling bill, having opened on New Year's Eve. It took the tribe only 100 days to turn the city's dilapidated convention center into a $120 million casino resort…" |