Suffolk OTB Buys Jake's 58 Casino In Islandia In $120M Deal

Hauppauge NY

28 May, 2021

10:20 AM

Description

ISLANDIA, NY—Suffolk OTB is taking over Jake's 58: The agency announced it finalized a $120 million purchase of the hotel and casino at 3635 Express Dr. North in Islandia. Delaware North opened Jake's 58 in 2017, Long Island's first casino. The casino has been successful, and with the takeover Suffolk OTB will avoid paying $13 million per year in management and rental fees to Delaware North. Delaware North is a Buffalo-based conglomerate with annual revenues over $3 billion. Head of Suffolk OTB Jim LaCarrubba told Newsday last month he wants to expand the casino by doubling the video lottery terminals from 1,000 to 2,000. Suffolk OTB is also proposing an electronic gambling facility in Medford with bars, restaurants and a multi-level parking garage. Suffolk County Executive Steve Bellone raised concerns about the deal earlier this year, citing OTB's previous bankruptcy. What do you think about Suffolk's acquisition of Jake's 58? Tell us in the comments.