MGM Resumes Casino Plans with Indicted NYRA

12 Dec 2003

NEW YORK – As reported by the Press of Atlantic City: "Borgata co-owner MGM Mirage caught the attention of New Jersey gaming regulators Thursday by resuming plans for a huge slot-machine casino in New York City despite a federal indictment of its racetrack partner there.

"MGM Mirage and the New York Racing Association jointly announced the restart the same day that federal prosecutors unsealed charges against NYRA and six former employees for a scheme to avoid income taxes through bogus account shortages.

"…NYRA acknowledged the misconduct in an agreement that allows it to have slots at Aqueduct Race Track in Queens - if they're operated by an outside firm.

"New Jersey gaming regulators take a dim view of licensees or qualifiers doing business with indicted entities and bar licensing of anyone under indictment.

"…MGM Mirage plans to build the $100 million Aqueduct "racino" and begin operating its 4,500 slots by November or December of next year, the two parties said.

"…MGM Mirage last April beat out Trump Hotels & Casino Resorts to be NYRA's partner at Aqueduct in what would be the only New York City casino. Fearing regulatory problems in other states, MGM Mirage suspended construction four months later when it became apparent that NYRA could be indicted…"

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	MGM Resumes Casino Plans with Indicted NYRA 12 Dec 2003 NEW YORK – As reported by the Press of Atlantic City: "Borgata co-owner MGM Mirage caught the attention of New Jersey gaming regulators Thursday by resuming plans for a huge slot-machine casino in New York City despite a federal indictment of its racetrack partner there. "MGM Mirage and the New York Racing Association jointly announced the restart the same day that federal prosecutors unsealed charges against NYRA and six former employees for a scheme to avoid income taxes through bogus account shortages. "…NYRA acknowledged the misconduct in an agreement that allows it to have slots at Aqueduct Race Track in Queens - if they're operated by an outside firm. "New Jersey gaming regulators take a dim view of licensees or qualifiers doing business with indicted entities and bar licensing of anyone under indictment. "…MGM Mirage plans to build the $100 million Aqueduct "racino" and begin operating its 4,500 slots by November or December of next year, the two parties said. "…MGM Mirage last April beat out Trump Hotels & Casino Resorts to be NYRA's partner at Aqueduct in what would be the only New York City casino. Fearing regulatory problems in other states, MGM Mirage suspended construction four months later when it became apparent that NYRA could be indicted…"