YAPHANK, N.Y. (AP) - The board of directors of the bankrupt Suffolk County OTB has voted to borrow up to $90 million for construction of a 1,000-electronic slot machine casino and pay off its creditors.
According to Newsday (https://nwsdy.li/1k9iLIa ), Suffolk OTB President Phil Nolan says the agency expects to receive as many as four proposals. He says it could have a decision in a week and he hopes to issue bonds within a month.
Nolan says it looks like OTB could get a better interest rate by financing construction and land acquisition for the $65 million casino. He says as a public benefit corporation it could use tax exempt bonds.
The Suffolk County executive’s office has declined to comment on the OTB board’s action saying it hasn’t yet seen any specific financing proposals.
___
Information from: Newsday, https://www.newsday.com
Please read our comment policy before commenting.