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Developer Jeff Hyman Drops Casino Bid for Binghamton

There is only one bidder left for the fourth and final license to bring a casino to the Southern Tier. Tioga Downs in Nichols is the only bidder at this hour, this after an Albany developer pulled out late Sunday.

Binghamton Mayor Rich David received a call from Albany developer Jeffery Hyman late Sunday night saying he was withdrawing his proposal. Hyman's team said DEC changes would not have made building a casino as profitable.

"It's disappointing and unfortunate that some sort of technical disagreement or clarification or lack of a clarification is what has derailed this particular project," said Binghamton Mayor Rich David.

"I'm extremely disappointed. I was gung ho on the area being developed. Let's face it over the course of the last 15-20 years, that side has been vacant," said Bill Berg, 7th District, Binghamton City Council.

The plan was to revive the old Stowe Manufacturing Site on Frederick St. And to bring much needed revenue into the city of Binghamton and Broome County.

"It appears that there is a real disagreement regarding the status and eligible benefits for that location," said Mayor David.

Hyman said he withdrew his proposal because he says his investors were nervous the site no longer qualified for tax credits to cleanup Brownfield sites.

The offer was taken off the table. But the DEC wants to make it clear it had nothing to do with tax credits.

“To be clear, this site is eligible for the same credits today that it had been for years,” said Tom Mailey.

Hyman said new maps disqualified the Frederick Street site from a Brownfield tax credit. The DEC says that is not the case. The site was grandfathered into the program…not affected by the new requirements.

"This is the development project and they have told us that they are in contact with Albany and the DEC seeking this resolution. So at this point and time, that's where things stand," said Mayor David.

"It was an opportunity for the Southern Tier to get a boost, the shot in the arm, and I'm not saying Tioga Downs shouldn't get it but I am saying give us a chance. Give us a chance, let the commission go through the process," said Berg.

David is not ruling out an 11th hour plan. But in order for that to happen, the state gaming commission would have to grant the city of Binghamton an extension.

Tioga Downs will hold a press conference tomorrow at 3:15 pm to talk about their bid and we will tell you tomorrow what Tioga Downs owner Jeff Gural will say about the news over the weekend.