NY A00390

Vendor track operators are eligible for capital awards up to 4% of total wagered revenue (after prize payouts) for facility improvements including hotels, entertainment venues, dining facilities, and parking garages.

Annual capital awards are capped at $2.5 million per track, with Aqueduct racetrack excluded from receiving any vendor capital awards.

Track operators with 1,100 or more video gaming machines must co-invest an amount equal to their cumulative vendor capital award for any approved projects.

Unused capital awards may be carried over to subsequent years through April 1, 2013, and expenditures approved by that date can be completed through April 1, 2015 to remain eligible for funding.

Vendors receiving capital awards must reimburse the state if they divest the funded improvements before full depreciation, and any unapproved capital awards by April 1, 2013 are deposited into the state lottery education fund.