Suffolk County Regional Off-Track Betting Corporation and Delaware North have closed on the sale of Jake’s 58 Hotel and Casino in Islandia.
The closing followed approval of the New York State Gaming Commission and other regulators on the approximately $120 million sale.
Suffolk OTB’s purchase includes the 228-room hotel and casino and adjacent land, as well as the termination of the remaining 46 years on Delaware North’s management agreement for the facility.
“There will be a seamless transition from the perspective of Jake’s 58’s customers, and going forward, we are confident we will further enhance an already leading guest experience,” Suffolk OTB President and CEO Jim LaCarrubba said.
LaCarrubba said that wwning and managing Jake’s 58 will allow OTB to deliver to its state and county beneficiaries. “We are grateful to Delaware North for partnering with us to make Jake’s 58 such a success and for ensuring a smooth transition,” he said.
“We thank Suffolk OTB for the opportunity to leverage Delaware North’s significant experience operating gaming venues in New York state and to work together to establish Jake’s 58 as such a highly successful casino hotel,” president of Delaware North’s gaming division, Brian Hansberry, said. “We are proud of what our team there has accomplished and look forward to focusing on our gaming portfolio, which includes two other gaming venues in the state, and several new gaming operations and opportunities across the country.”
Jake’s 58’s new general manager is Michael Bonakdar, who has been working at the casino since February to allow for a smooth transition. Bonakdar has nearly 30 years of experience in the gaming industry.
“Michael is a first-rate manager who has had four months to transition into this role, which will preserve established methods and procedures,” Suffolk OTB vice president and COO, Anthony Pancella III said. “Fortunately, there will be almost no turnover in our world-class team so we can maintain the great relationship Jake’s has with its customers.”