SARATOGA CASINO AND RACEWAY UNVEILS PLANS FOR NEW HUDSON VALLEY CASINO AND RESORT IN TOWN OF NEWBURGH

4/25/2014 3:55:50 PM

Located at the Crossroads of I-84 and I-87, Hudson Valley Casino and Resort Will Serve as Economic Catalyst for Entire Region and a Jobs Juggernaut for both the Town and City Newburgh, as Well as Communities on Both Sides of the River

(Newburgh, NY) – Saratoga Casino and Raceway, which has gaming and casino interests in three states, announced today that it will propose a world-class destination resort casino on a 70 acre site on Route 17K in Newburgh, across from Orange County Choppers and just minutes from Stewart Airport. The company has submitted a $1 million mandatory application fee to the state, solidifying its intent to make a bid for a commercial casino license to be awarded in the Catskill/Mid-Hudson region.

The estimated $670 million development will be a permanent economic engine for the region, creating approximately 2,400 construction and more than 2,500 permanent, good-paying jobs with benefits. Many of these jobs are expected to be filled through a dedicated hiring program with local residents, and participation in MWBE partnerships and veteran hiring programs, targeting chronically underemployed communities in the region. In addition to thousands of jobs the project will directly create through construction and operation of the resort and casino, the project is expected to have a significant economic development and jobs impact throughout the Hudson Valley, on both sides of the river, due in large part to its geographic location.

Offering seamless access from both I-84 and the New York State Thruway, the casino and resort will keep New York gaming dollars within the state, serving as a destination for residents from around the region. The project will include a 500-room resort hotel, dining, entertainment venues, and 20,000 square feet dedicated to high-end retail. This full-scale entertainment facility is designed to reinvigorate the Hudson Valley by complementing, not competing with, a potential casino and resort in the Catskills.

As part of its business and branding plan, the Hudson Valley Casino and Resort will incorporate iconic elements of the region into the project and will work with local restaurants, farmers, craft brewers and distilleries to feature their local wines, spirits and produce throughout the facility. Just minutes away from area attractions like the Walkway Over the Hudson, West Point, the Culinary Institute of America, historic Hyde Park, Dia Beacon, and the region’s many hiking and biking opportunities, the project will act as a growth engine for the area’s growing tourism industry and revitalize the local economy on both sides of the Hudson River.

"The Hudson Valley Casino and Resort is designed to showcase the best that the Hudson Valley has to offer and serve as a economic development catalyst that will help create jobs from Newburgh to Poughkeepsie, Beacon to Middletown, and beyond,” said Rita Cox, Senior Vice President of Marketing and External Affairs at Saratoga Casino and Raceway. "There is no other project being proposed that has the kind of robust transportation infrastructure in place like this one does, nor will have as dramatic an impact on existing unemployment like our project here in Newburgh will.”

“This project is good for Newburgh, good for Orange County, and good for the entire Hudson Valley region,” said Town of Newburgh Acting Supervisor Gil Piaquadio. “Not only will it provide annual revenue to the Town of Newburgh of $6.85 million per year, but it will spur local economic growth and ancillary jobs that do business with the casino. The Town of Newburgh won’t be the only beneficiary, however. With easy access to I-84 and the Newburgh-Beacon Bridge, the Hudson Valley Casino and Resort will have a dramatic impact on economic development and jobs in our neighboring communities like the Cities of Newburgh, Middletown, Beacon, and Poughkeepsie.”

Steven M. Neuhaus, County Executive of Orange County, said, “My economic development team and I have met with representatives from Saratoga Casino and Raceway, along with several other applicants with an interest in casino development in Orange County, and they are serious economic development partners. Saratoga Casino and Raceway has a national reputation for gaming and I was pleased to learn more about their development plan for our county.”

Led by a locally-based team of trusted owners with a proven track record and decades of gaming experience in three states, including Colorado, Kentucky, and New York, the Hudson Valley Casino and Resort will generate $51 million annually for the Hudson Valley/Catskills Region. The Town of Newburgh and Orange County will each receive $6.85 million per year. The revenue generated for both Newburgh and Orange County will help keep property taxes down and support area schools and vital local and county infrastructure and services.

“The Orange County Partnership is working with several casino proposals. There are unique aspects to each project. The Saratoga Casino and Raceway Project has selected a great location in the Town of Newburgh with minimal impact to residents, said Maureen Halahan, President and CEO, Orange County Partnership. “This 70 acre site is highly visible and is positioned in an area of the county that has historically struggled with unemployment and poverty issues. The benefits to the Newburgh School District are substantial. Saratoga has a stellar team of professionals that they are working with and it is evident by their progress and how well their initial renderings fits perfectly in the site’s topography. Furthermore, Saratoga has the financial wherewithal and proven track record of success in the gaming industry.”

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