Under the deal, NYRA retains its franchise of the state's race tracks for another 25 years while withdrawing its ownership claims on the land where the tracks are situated, Gov. Eliot Spitzer said in a statement.
The state would also give NYRA $105 million to help it emerge from bankruptcy proceedings.
Video lottery terminals - devices similar to slot machines - will be installed at Aqueduct. The machines were expected to generate more than $300 million in revenue for the state, which would go towards funding education, the governor said.
The deal also creates a new 25-person board of directors for NYRA - 11 to be appointed by lawmakers and 14 by NYRA's existing board of directors.
Negotiations are underway with "interested private parties" to install the VLTs, the governor said.
He said those talks should be completed within a month.
See the Feb. 21 editions of the TimesLedger Newspapers for the full story.
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