American Racing & Entertainment has secured million in debt financing to turn New York’s Tioga Downs racino into a full casino with a hotel and events center.
The financing, consisting of an $80 million loan and a $10 million line of credit, will allow the facility to complete a $134 million expansion.
Jeff Gural, chief executive of American Racing & Entertainment, said the money “will act as an immediate catalyst for economic growth by creating over 550 jobs and attracting more people to the area”.
Tioga Downs recently won approval from the state’s Gaming Facility Location Board to establish a full casino at the south-central New York site, adding 44 table games to its existing 802 slot machines. The facility will eventually expand the machine offerings to 942.
The 161-room hotel and events center broke ground in September and are expected to be completed by October 2017.
The racino won $58 million in the latest fiscal year on $817 million in volume and paid $22.3 million to the state. Results so far this year are even better, with $30.5 million in gaming revenue on $444 million in bets.
“Our business is already booming,” Gural said.
