Deal deadline was August 18
The city of Rensselaer, New York will kick back $1 million in annual payments over 10 years to the state capital of Albany if Albany supports a proposed Hard Rock Hotel & Casino Rensselaer, according to the Albany Times-Union.
The Rensselaer proposal was made after developers of the Capital View Casino and Resort in East Greenbush offered $7 million in payments to Albany, said Rensselaer Mayor Dan Dwyer.
“We figure it’s an attractive offer to help the city of Albany,” Dwyer said. “We heard of Feathers’ offer of $7 million, so we bettered the offer. We have to help our neighbor.” Dwyer was referring to James Featherstonhaugh of Saratoga Harness, which is a partner in the $300 million East Greenbush casino proposal.
Albany was in the running for a casino site until Rochester developer David Flaum walked away from the site, choosing Rensselaer instead. Without the hope of a casino in Albany?or potential millions in casino revenue?the city may find the offers persuasive. Rensselaer set a deadline of August 18 on its offer; by late last week, the city had not responded.
A total of 16 would-be developers continue to pitch their casino projects to New Yorkers, despite headlines about slowdowns in the casino industry, especially in the Northeast and specifically in Atlantic City, the former East Coast gaming mecca.
Barring intervention by an investment angel or bargain-hunting operator, the shore resort will see four casinos close this year. Thousands of people will lose their jobs.
