Jeffrey Gural wants a casino in New York State so bad he can taste it — or at least invest $82 million of his own money in it. It’s refreshing when a developer makes that kind of equity commitment. Gural’s upped the ante again, raising the budget for the conversion of Tioga Downs by $32 million, making it a $195 million proposition. Gaming Facility Location Board Chairman Kevin Law seemed impressed by Gural’s level of commitment, calling it “a step in the right direction,” and the man himself liked his chances: “The fact that I’m the only bidder helps.” Referring to an earlier presentation that he called “lipstick on a pig,” Law said that this time “It is certainly more than just lipstick. It was some significant changes.”
So does rebalancing the construction budget so that it relies more on equity and less on debt financing, a concern of the GFLB. Gural also added more hotel rooms, two extra restaurants and expanded a planned, al fresco concert center to make Tioga Downs Casino Resort less of a plain-vanilla gaming product. However, Gural’s also relying on blue-sky revenue projections that show 10 consecutive years of revenue increases, a figure seemingly pulled from someone’s lower orifices. But Gural was unfazed when asked, “I’ve been told that hasn’t been achieved elsewhere. Does that give you pause?” And if his bid is rejected again he says he’ll be back for a third bite of the apple, with an even higher equity commitment. Public comments on Tioga Downs will be taken next week and a decision is promised by late autumn.
* If you like the ambience of off-Strip Royal Resort, you’ve got Authentic Entertainment Properties and a $3 million 
renovation to thank for it. However, AEP is hopping mad at Royal Resort owners Michael Pashaie and David Taban for putting the property (and two others) on the market, with a $160 million price tag attached. That drove a bulldozer through AEP’s plans to make the Royal and two adjacent properties into a boutique casino-hotel, bringing gambling back to Convention Center Drive. AEP has whopped Taban and Pashaie upside the head with a $100 million lawsuit.
Speaking of Royal Resort, my wife and I were enjoying happy hour at The Barrymore (highly recommended) when a hotel guest came plodding through the lobby clad in his bathing trunks and nothing else. It won’t be long before someone walks across a casino floor stark naked and nobody bats an eye.
