A $325-million debt refinancing by Empire City Casino at Yonkers Raceway will bring the city of Yonkers $3.673 million in revenue, city officials announced Tuesday.
Taking advantage of current low interest rates, Empire City is refinancing its overall debt, including its most recent $40 million expansion, which includes a modern 35,000 square-foot gaming floor and two new restaurants at the Yonkers Avenue harness race track and video gambling casino. The expansion created 100 construction jobs and 200 permanent casino jobs.
The Yonkers Industrial Development Agency will receive the city”™s payments from Empire City as part of the refinancing package approved by the IDA board Tuesday.
Empire City Casino will pay $523,000 in previously negotiated sales tax reimbursements, $3 million in additional payments to the city”™s general fund over two years, $500,000 to the Yonkers IDA for economic development efforts and up to $150,000 in materials or cash for improvements to the Coyne Park Senior and Community Center near the casino.
The IDA approved a mortgage recording tax exemption for Empire City valued at $1.575 million.
Mayor Mike Spano, who also serves as chairman of the Yonkers IDA board, called the agreement with Empire City “a great deal for Yonkers taxpayers. The city is actually getting more money than if we had done nothing at all” and instead collected mortgage tax payments from the refinancing.
“By refinancing, Empire City is going to be in a better position for future expansions, which will bring more jobs and expand the city”™s tax base,” Spano said in a press release.
Tim Rooney Jr., general counsel at Empire City, said it is the city”™s largest private employer with nearly 1,400 employees representing 14 unions.
How many ponzi schemes are just numbers on paper? Empire City Casino is a cash business!
How much cash is accumulated in a day, week, and month in this cash business?
How much cash is taken out of the ATM Machines everyday by the patrons who lose thousands of dollars in this casino?
These are the important questions that need to be answered.
You are disregarding the complaints of many patrons and New Yorkers that have complained about Empire City Casino.
The New York State Gambling Commission must be held accountable to the people of New York State, and, stop ignoring all the complaints about Empire City Casino that have been forwarded to the Gambling Commission.
All the complaints against the Empire City Casino are documented on the internet.
The response to all the serious complaints made about the Empire City Casino by New Yorkers has been vaguely
addressed by the New York State Gamblers Commission.
Empire City Casino is a cash business, bringing in millions everyday, however, nothing is written in stone at that casino, is it?
Let’s calculate, cash business, and, how many ponzi schemes are just numbers on paper? Interesting.
Who is the CEO of Empire City Casino, Bernie Madoff, 75, oh that’s right, he’s doing 100 years in prison for another Ponzi Scheme, where New Yorkers were ripped off of their life savings and they lost everything including homes and more.
I revised this comment below!