Governor David Paterson and officials from casino operator Genting New York will attend the ceremonial groundbreaking.
Plans call for 4,500 video slot machines,
The first video lottery terminals are slated to be open by the end of March, and the entire project should be finished in 18 months.
The groundbreaking follows years of delays, mostly due to political infighting, and a botched bidding process. That bidding process was the subject of a scathing report from the state's inspector general last week.
The project is expected to create over 2,000 jobs and bring more than $300 million a year to the state.
Not everyone is pleased about the ceremony; vendors from one of the city's largest flea markets are expected to rally against the project. Vendors say there is no plan to relocate the flea market which currently operates out of the racetrack's parking lot.
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