Islandia Casino could fix bankruptcy case
The company behind the upcoming casino is hoping that it will save them from bankruptcy.
US.- Suffolk County OTB said that Islandia Casino, the first video lottery casino in the area, could help them overcome bankruptcy and save the company if they meet their current goals. Once they open the casino, more than 300 employment positions will be created.
The casino is set to open later this month in the Islandia Marriot, close to the Long Island Expressway north service road, and it is estimates that it will generate approximately US$2 billion in gross revenue. Suffolk OTB would get US$164 million annually, and US$13 million would go directly to Suffolk County for the first 10 years of operationg, whilst they would also pay US$15 million in outstanding debt.
Phil Nolan, President of the Suffolk County Regional Off-Track Betting Corp (OTB), said that without the new and expected revenues, they would be out of business and doing something different. New York Racing Association is the biggest creditor with US$3 million
“It will dig us out of bankruptcy. Certainly we’ll be able to pay everybody. That’s the idea. And certainly we’ll be able to do better in Islandia than we would have in Medford,” added Suffolk’s vice president Tony Pancella. Officials estimate that the gaming facility will offer an additional 500 video gaming terminals by May. By August, they’re counting on providing 1000 VLTs along with other food services areas.
