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"Racino" Plan: Attract Old, Unstylish Queens Residents
By
Ben Muessig
Published Feb 17, 2010
Modified Feb 17, 2010
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By
Ben Muessig
Published Feb 17, 2010
Modified Feb 17, 2010
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The politically-connected casino operator chosen to bring slot machines to the Aqueduct Racetrack beat out its rivals by claiming the other bidders would cater to crowds that were too young or too classy for Queens. Documents released to the public in an effort to quell the controversy surrounding Gov. Paterson's selection of the Aqueduct Entertainment Group also reveal that the company was picked even though it initially said it would net the least amount of money for the state. Paterson has been accused of choosing the group to win the political support of AEG shareholder Rev. Floyd Flake.
According to the Daily News, AEG argued it would be a better fit for Queens than its rivals, Hard Rock and Wynn Resorts. AEG partner Larry Woolf wrote in an Aug. 8 letter:
"The Hard Rock target market is traditionally a younger clientele who is more drawn to the nightclub, late-night party scene ... The best gaming demographic is older people who have the time, money and are seeking entertainment. While I am not casting [aspersion] on tattoos, or piercings, the 50+++ demographic is less comfortable surrounded by blaring rock music and the Generation X crowd who enjoy the Hard Rock brand."
Woolf also wrote that Wynn casinos are too upscale to appeal to locals. "All of [the] brands are very high-end, and sophisticated, which works when you need to differentiate yourself in a highly competitive market. However, we don't believe that extending one of these existing brands in Queens would be a good fit given the diversity of our customer base." To attract Queens residents, Woolf suggested lots of advertising, "roving slot ambassadors" who would encourage gamblers to join a "Players' Club," and mailings. "Our objective is to build patron repetition by incorporating Aqueduct as part of their daily lifestyle."
The document dump also revealed that AEG projected it would earn the least revenue of any of the bidders, before dramatically altering its numbers to say it would net the most. According to the Post, AEG first predicted revenues of $2.9 billion, while other companies projected revenues as high as $3.3 billion. But when Gov. Paterson allowed bidders to revise their applications, all other groups projected the same totals while AEG's rose $700 million to $3.6, putting it at the top. Though financial analysts said the jump "looks fishy," AEG defended the surge and attributed it to an increase in the number of planned video slot terminals from 1,200 to 3,000. A lobbyist for a rival casino operator told the tabloid: "There's no reason why their numbers have changed. Nobody else's number did."
Tagged
aqueduct
aqueduct entertainment group
bidder
casino
classy
floyd flake
gov paterson
hard rock
money
queens
racino
wynn
Ben Muessig
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