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FOR IMMEDIATE RELEASE:
July 20, 2007

GOVERNOR SETS TIMELINE FOR RACING AND GAMING PROPOSALS

Governor Eliot Spitzer today announced the next steps in the process for awarding the franchise for racing at Aqueduct Racetrack, Belmont Park and Saratoga Racecourse.

Since the April presentations to Governor Spitzer’s racing panel, the Administration has heard from the four groups seeking the franchise. It has engaged with these groups and with representatives of the Legislature, as well as with horsemen, breeders and other racing industry stakeholders. It has explored different structures for awarding the franchise as well as other issues related to racing and gaming. In addition, the Inspector General’s office completed its integrity review of those who presented proposals, and submitted its report, which was made public at the beginning of July.

Governor Spitzer intends to make a recommendation to the Legislature regarding disposition of the franchise and related matters no later than September 4, 2007. However, because there have been significant changes in the structure, ownership and organization of some of the proposed operators since their presentations to the panel in April, each is being asked to update its proposal to reflect its current structure and financing or to confirm that there have been no material changes since the last submission.

Once these updated proposals have been made, Governor Spitzer will make a recommendation which may name one operator for both gaming and development/racing (a “Consolidated Operation”) or name an operator for each (a “Joint Venture Operation”). Those who previously submitted proposals are encouraged to submit information regarding their interest in operating either or both a Consolidated Operation or a Joint Venture Operation. Each of the four may discuss with any of the others a Joint Venture Operation and, in its submission, may present any joint arrangement that has been reached.

All updated or confirmed proposals are due on August 7, 2007.