The Saratoga Casino and Raceway of New York is planning an expansion that has a price tag of $39.3 million. The venue, located in Saratoga Springs, has been able to secure a $15 million loan for construction from Citizens Bank to help finance the venture. The expansion will include a four star hotel with 117 guest rooms as well as a Morton’s The Steakhouse restaurant which will have 160 seats for guests.
Saratoga Casino Holdings LLC is the parent company of the casino, having secured the financing this moth to begin the expansion. Records were filed with the clerk’s office of Saratoga County, which give details of what is to come for the property. The Morton’s restaurant will have 6,500 square feet in space and will cost around $2.7 million. $3.4 million will be spent on architecture and engineering of the property as well as utilities, inspections and permits for the expansion. An additional $2.4 million will be spent on equipment and furniture. Saratoga recently completed the first part of a deal selling a 25% stake in the raceway to Churchill Downs for $24.8 million.
The plans for the expansion are coming to life as a way for the venue to stay in competition with the new Rivers Casino and Resort, which will be located on the Mohawk River in the area of Schenectady – one of three casinos recently licensed to operate in Upstate New York.