Aqueduct Mistakes Set To Cost New York

A crushing state tax burden and after-the-fact tinkering with the deal have contributed to the collapse of the Aqueduct racino plan, designed to create a powerhouse gambling venue right in New York City, industry analysts believe.Empire State officials are now scrambling to figure out their next move after would-be racino developer Delaware North failed to cough up a $370m upfront payment to the state.

The Buffalo-based gambling and concessions giant has blamed a still difficult credit market for its inability to come up with the financing needed to make the payment.

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