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Vernon Downs Racino Plans Stalled

NEW YORK – As reported by the New York Times Union: "State officials who hoped a new racino at Vernon Downs would help close New York's budget gap may find themselves waiting yet again.

"The new owners of the central New York racetrack may have more difficulty getting licensed by state racing and lottery regulators than the group that just sold its majority interest.

"Of the three new principals of Raceway Ventures, which announced last week the majority ownership in the harness track, one has links to a criminal who cheated investors in a penny stocks scam. The other two are linked to a felon whom New Jersey authorities have tied to organized crime.

"…Lawmakers helped the former operators maneuver around obstacles because the track represents dozens of jobs and millions of dollars in an economically hard-hit area. And the Pataki administration has been expecting revenues from a VLT operation to help balance the state budget. The latest developments are likely to at least cause more delays…"

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