Aqueduct slots deal signed

The New York Racing Association and MGM Mirage have signed a management agreement for a slot-machine facility at NYRA's Aqueduct racetrack in Ozone Park, N.Y., the two companies announced Thursday.

Charlie Hayward, NYRA's chief executive officer, said Thursday that the agreement will allow NYRA to use MGM's line of credit to secure funding to build a $170 million casino to house 4,500 slot machines. MGM will then consult with NYRA on the layout of the casino, Hayward said, and take over management of the casino when it is completed.

"We're using MGM's credit to borrow the $170 million, so we're getting a very favorable rate," Hayward said. "After that, NYRA pays all the bills, and MGM is going to consult on pretty much every aspect of the project."

The casino is expected to open in mid-2006, Hayward said.