In the eastern American state of New York and casino operator Delaware North Companies Incorporated has reportedly inked a deal that will see it bank in the region of $120 million by selling its Jake’s 58 Casino Hotel facility.
According to a Wednesday report from the news domain at Casino.org, the Buffalo-headquartered firm paid just over $40 million in 2016 to purchase the Long Island venue that was previously home to a 227-room hotel run by Marriott International Incorporated. The source detailed that the privately-owned company subsequently re-opened the Suffolk County property complete with a casino offering around 1,000 gaming machines as well as an off-track sportsbook.
Familiar face:
Delaware North Companies Incorporated has now reportedly agreed to offload the property situated alongside the Long Island Expressway to the enterprise that has been in charge of running casino operations since February of 2017, Suffolk County Regional Off-Track Betting Corporation. This local entity, which is colloquially known as ‘Suffolk OTB’, had purportedly been keen to buy the ten-story venue some five years ago but was unable to raise the cash after filing for bankruptcy in 2011.
Strategic stipulation:
Despite missing out on the chance to unilaterally purchase Jake’s 58 Casino Hotel, ‘Suffolk OTB’ reportedly did manage to have a clause inserted into its 50-year operating contract that gave it an option to purchase Delaware North Companies Incorporated’s sole New York casino for a prearranged price. Headquartered in the nearby hamlet of Hauppauge, the parimutuel betting enterprise has now purportedly decided to exercise this opportunity after seeing the venue chalk up handle of around $1.7 billion in only about seven months.
Profitable property:
Jake’s 58 Casino Hotel has reportedly earned more than $104 million since emerging from a coronavirus-induced lockdown that ran for some 25 weeks last year. This purportedly came even as the state brought in 25% capacity restrictions and social distancing protocols to see the casino clear roughly $46.8 million with the remainder going to the New York State Education Fund, terminal providers, associated vendors and the New York Lottery.
Community conscience:
Jon Schneider serves as a spokesperson for ‘Suffolk OTB’ and he reportedly pronounced that the firm is also responsible for a trio of Long Island off-track betting parlors as well as an extensive local estate of Qwik Betz betting kiosks. He purportedly furthermore disclosed that the coming purchase is to encompass ‘the remaining term’ of the management agreement held with Delaware North Companies Incorporated and see the enterprise save in the region of $13 million in annual rental and management fees.
Reportedly read a statement from Schneider…
“Simply put, ownership of Jake’s 58 Casino Hotel and management of the casino hotel will put Suffolk County Regional Off-Track Betting Corporation in a position to contribute more money to Suffolk County than it otherwise would, [which is] a benefit that will only grow in time.”
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