Suffolk OTB bets on new casino
Suffolk County Regional Off-Track Betting Corporation expects the new Jake’s 58 Hotel & Casino to get it out of bankruptcy.
US.- Newly opened Jake’s 58 Hotel & Casino in Long Island is set to be the Suffolk County Regional Off-Track Betting Corporation bet to get out of bankruptcy. The venue purchased by Delaware North, that will be running the casino with them, is a high-stakes gamble for the company.
Suffolk OTB hopes the casino to generate US$ 2 billion in gross revenue a year, a sum that would get them out of bankruptcy, filed for in 2011. As Newsday reported: “Suffolk County OTB executives say Long Island’s first video lottery casino is the agency’s last ditch effort to emerge from bankruptcy and save itself — if the Islandia betting parlor can meet projected revenues.”
Despite Delaware North’s promis to get Islandia US$47 million over 20 years (enough to cut village property taxes by about half for its 3,335 residents), some residents have filed a lawsuit to close the operation. They claim that the project’s approval was illegal and assure that the casino will lead to crime, increased traffic and lower property values. They also warn about the impact it might have on low-wage earners, stating that gambling is often addictive and may cause debt, broken families and other personal tragedies.
Jake’s 58 it’s limited to 265 video slot machines — electronic versions of traditional casino games — with another 1,000 expected by this summer.
