New York legislative leaders last week approved the selection of Genting New York, an affiliate of a Malaysia-based firm, to develop and operate a video lottery casino in Queens. Gov. David Paterson already signed off on the firm’s $380 million bid to run the racino at Aqueduct Racetrack.

The deal still needs approvals from Attorney General Andrew Cuomo and Comptroller Tom DiNapoli, but last week’s actions appear to end a multi-year saga to develop the racino and for the state to sell  $250 million of personal income tax bonds to fund a construction grant Genting would use to build a facility with 4,525 video lottery terminals.

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