NEW YORK - August 26, 2009 - -In a significant step toward reinforcing
New York State’s progressive approach to economic development, the Peebles-led
team vying to transform the Aqueduct Racetrack into a vibrant gaming and
entertainment destination with an MGM Grand casino, today announced a bold
commitment to job creation for Queens residents and companies, as well
as minority and women-owned businesses.
“The Aqueduct project has the potential to be one of the greatest economic
stimulus programs ever launched in Queens,” said R. Donahue Peebles, CEO
of The Peebles Corporation, the largest African-American-owned real estate
development company in North America. “To ensure that our project has real
and meaningful impact upon local residents and companies, we are committed
to a multi-faceted approach which will generate revenue for the state while
creating thousands of jobs, boosting the local economy, and offering growth
opportunities to local, small, minority and women-owned companies that
deserve a shot. As a developer with several public-private partnerships
under my belt this is something that is important to me and the team.”
As part of the effort, local businesses will be prioritized for bidding
to supply many of the goods and services for the construction of the anticipated
$550 million mixed-use development creating New York City’s first casino
gaming and entertainment destination.
The commitment means that qualified area businesses will be given the
opportunity to bid for work performed by the team and those bids will be
prioritized for consideration.
In addition to creating nearly 4,000 construction and permanent jobs,
the Peebles team will produce approximately $17 billion in revenue for
the State of New York and $5 billion for support of the horse racing industry
over the initial 30 years.
Other elements of the program include:
Mr. Peebles added, “Our team is focused on the tangible results of this
project and not the gamesmanship of drawings and lobbyists. We have the
best operator in the business with MGM MIRAGE. We have the best contractor
for casino development with Perini Building Company. My track record of
leading public-private ventures speaks for itself. We will get the job
done and the meaningful community benefits must be an integral part of
Establishing a Project Labor Agreement that achieves significant participation
of qualified LBE and MWBE firms in the construction and operation of the
facility with a target of 40 percent participation;
Creation of an Youth Academy, funded by private dollars, that introduces
local youth to entrepreneurship and inspirational examples; and
Endow a Small Business Development Center, funded by private dollars, to
nurture the growth of small, local businesses and provide direct access
to Project bids on an ongoing basis.
MGM Grand at Aqueduct includes 4,500 video lottery terminals, an upscale,
full-service hotel, a business conference center, an event center and dining
facilities at various price points, all of which will be available to the
R. Donahue Peebles, Lead Developer
Recognized as one of the most successful entrepreneurs in the nation,
R. Donahue Peebles is the President and CEO of The Peebles Corporation.
The firm has a $4 billion development portfolio of projects completed,
underway and planned across the U.S. in cities such as Washington, D.C.,
Miami Beach, San Francisco and Las Vegas. It is widely regarded as the
country's largest African-American real estate development company.
An active developer for nearly 25 years, Mr. Peebles has been a visionary
in contributing to the economic revitalization of Washington, D.C. and
Miami Beach, Florida before it became popular. He and his firm focus on
urban revitalization, mixed-use development and public-private partnerships.
He has a track record of working with community groups and government organizations
to successfully complete large-scale projects.
In June of 2009, Mr. Peebles was named by Forbes as one of the country’s
ten richest African Americans. Mr. Peebles appears regularly on CNN, CNBC
and FOX to advise on real estate, economic and political issues. He has
been featured in publications like The New York Times, The Washington Post,
The Wall Street Journal, Black Enterprise, Ebony and Forbes. Mr. Peebles
is also the top selling author of The Peebles Principles and The Peebles
Path to Real Estate Wealth.
MGM Grand at Aqueduct. A world-class entertainment destination
like New York State has never seen. Ranked among the kings of casinos,
like MGM’s Bellagio, Luxor, Mirage and MGM Grand Las Vegas, this dynamic
project combines the entrepreneurial savvy of lead developer R. Donahue
Peebles and the global power of the MGM brand.
Copyright Aqueduct Gaming Investors, LLC. All rights reserved
MGM Grand casino with 4,500 Video Lottery Terminals (VLTs)
Delectable fine-dining restaurants
Luxurious 350-room hotel
State-of-the-art meeting center
Versatile entertainment venue