The Saratoga Casino and Raceway in Saratoga Springs, New York, secured a million loan to enable it to proceed with a planned .3 million expansion.
Citizens Bank agreed to lending terms on the $15 million loan, which will help to ensure the casino completes its renovations by summer and open its new restaurant and hotel in time for the tourist season.
The casino is building a 117-room, four-star hotel and 160-seat Morton’s The Steakhouse restaurant to improve its amenities and offerings for visitors and locals.
The improvements should enable the casino to better compete with Rush Street Gaming in Chicago and the Galesi Group in Rotterdam, which are planning to build a $330 million resort and casino located on the Mohawk River in Schenectady. The new casino is to be called the Rivers Casino and Resort.
The steakhouse would occupy 6,500 square feet and cost $2.7 million to build, and it would be the first Morton’s restaurant to do business north of Westchester County.
The casino recently sold 25 percent of its business for $24.8 million to Churchill Downs.
