In surprise move, Binghamton casino bidder backs out

Jeffrey Hyman (Photo by Andrew Thayer / Gannett CNY)

An Albany-area financier on Sunday unexpectedly dropped a bid for a state casino license in the Southern Tier.

Jeffrey Hyman (pictured) had been putting together support for a plan to transform a former manufacturing site in the city of Binghamton into a new casino and conference center. But he abruptly dropped the plan Sunday after he said he lost support from investors.

From the Press & Sun-Bulletin:

In a letter to the head of the state Gaming Commission, Hyman said last-minute uncertainty surrounding a tax credit led his investors to pull support late Saturday. The surprise move came less than a week after Hyman successfully solicited support from the Binghamton City Council, a requirement for consideration.

“We have informed the City of Binghamton and the County of Broome of our inability to proceed with a bid for our project,” Hyman wrote in the letter, which was obtained by Gannett’s Albany Bureau. “As you can imagine, their disappointment is overwhelming.”

Hyman’s withdrawal leaves one known bidder for the Southern Tier license: Jeff Gural, who is looking to upgrade Tioga Downs Casino & Resort in Nichols to a full-fledged casino.

The confusion surrounded the state’s Brownfield Cleanup Program, and whether the Binghamton site was eligible for an added layer of tax breaks reserved for projects in “Environmental Zones” — census tracts that meet certain poverty and unemployment thresholds.

The site was outside of an Environmental Zone on a set of maps released by the state Department of Environmental Conservation last week.

But late Sunday, a spokesman for the state Department of Environmental Conservation said the Binghamton site was grandfathered in because it was in the program prior to July 1, when the new maps took effect.

From DEC spokesman Tom Mailey:

“Plain and simple, their information is incorrect. To be clear, this site is eligible for the same credits today that it had been for years. The revised maps did not change anything for this site because it was in the Brownfield Cleanup Program prior to July 1, 2015.? We would be happy to explain how the program works to the project managers.”

Applications for the Southern Tier casino license are due to the state by Monday at 4 p.m.

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