Nassau Regional Off-Track Betting has begun negotiating a contract to purchase an unidentified property to build a mini-casino with 1,000 video slot machines and table games, according to OTB president Joseph Cairo.
At a public meeting scheduled for Monday in Mineola, Nassau OTB expects to pass a resolution authorizing the agency to float up to $100 million in tax-exempt bonds to buy and develop the proposed casino site, Cairo said. He declined to identify the location because of a confidentiality agreement with the property owner.
The purchase and redevelopment costs could be significantly less than $100 million, but Cairo said the figure reflects the "ceiling" for borrowing for the project.
He expects to announce the location, which meets OTB's criteria of having at least 1,000 parking spots, before year's end. OTB, which has been looking at 19 potential sites, plans to open the gaming parlor in 2015.
"I believe this site is the best location for the project," Cairo said. "Our consultants all think this could be a home run."
Cairo said he expects "some concern" from residents living around the proposed casino property but that any traffic issues will be managed.
Nassau spokesman Brian Nevin said OTB has informed County Executive Edward Mangano "that they are in the process of making a site selection," but declined to elaborate.
The New York State Gaming Commission reviewed the proposed gaming site and "feels positive about it," Cairo said. A commission spokesman did not return a call for comment Friday.
The state last year granted Nassau and Suffolk counties authority to build one gaming site each with up to 1,000 video lottery terminals. They include slot machines and electronic table games such as roulette, baccarat and blackjack.
Nassau expects the proposed facility to generate $19 million in 2015.
The $100 million in bonding also will be used to pay Union Gaming Analytics LLC, a Las Vegas-based consultant that helped select the gaming property. Union Gaming will earn $20,000 per month for the first three months of work and $10,000 per month afterward. The contract is capped at $150,000.
Suffolk OTB has selected Delaware North, a Buffalo-based gaming and hospitality company. Suffolk OTB has closed a deal to buy the former Medford movie multiplex for its new electronic slot machine casino.
CORRECTION: A story Monday about Nassau Regional Off-Track Betting negotiating to purchase property for its casino misstated the status of Suffolk’s site selection.