Summit Notebook

Exclusive outtakes from industry leaders

Audio – The waiting is the hardest part

June 24, 2008

holliday1.jpgFor Marc Holliday, chief executive of SL Green Realty Group and Gramercy Capital Corp, the Tom Petty lyrics ring especially true.

Holliday, speaking at the Reuters Global Real Estate Summit, said on Tuesday that his company is waiting with bated breath to hear about which company has won the award to expand the gaming options at New York City’s borough of Queens-located Aqueduct Race Track.

In April, three companies where chosen as finalists for the rights to expand Aqueduct with thousands of video lottery terminals (VLTs) that the state hopes will eventually give it $300 million a year of revenue.

The companies include Holliday’s SL Green, Delaware North, and Capital Play Inc, whose partners include the Mohegan Tribal Gaming Authority and Victoria Racing Club. 

But things in the New York capital of Albany have been a little dicey recently — especially since former Gov. Eliot Spitzer has left office following a sex scandal and new Gov. David Paterson has questioned whether the things Spitzer agreed to about the expansion plan are binding or if there’s some wiggle room there.

So, anyway, that leaves Holliday and his competitors waiting. SL Green has a plan ready to roll, he said, and that could mean that the preliminary expansion could be ready six months after approval.

Holliday was one of the featured speakers at this year’s global real estate jamboree — which takes place in New York, London, Singapore, Moscowh and Dubai.

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