As Penn National Gaming (PENN: 29.91 +3.03%) prepares for the opening of three new casinos in Ohio and Maryland they are also hopeful that they will win approval from the New York state Lottery Division to operate the controversial Aqueduct racetrack “racino” project.

In May Penn National submitted the $1 million entry fee to have a second proposal considered by New York officials, which was turned in ahead of yesterday’s deadline.

This is the fourth attempt to install electronic slot machines, or video lottery terminals, at Aqueduct since 2001 and Penn emerged as the highest bidder in the last round that ended up being scrapped amid controversy and scandal when another operator was chosen.

While officials will not release details of the bids until after the vetting process Penn National is officially one of three bids being considered.

Other hopefuls include Genting New York, a subsidiary of Southeast Asia’s largest gambling company; a partnership of SL Green and Clairvest Group and Hard Rock International.

The Lottery is expected to make its recommendations to Governor Paterson and legislative leaders on August 3.

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