New legislation will see the state loan up to $25 million to the cash-strapped operator of its three largest tracks.
Friday 28th May 2010
In America, the New York Racing Association (NYRA) Incorporated is set to receive a government loan worth up to $25 million in order to keep the state’s three largest horseracing tracks running.
The non-profit corporation operates New York’s Aqueduct Racetrack, Belmont Park and Saratoga Race Course and recently revealed that it could begin shutting operations in a matter of weeks due to financial problems.
“The NYRA’s current cash position will not allow us to make it through the entire Belmont Park race meet,” Charlie Hayward, Chief Executive Officer for the NYRA, earlier this month.
“We are in discussions with the state regarding potential avenues for us to acquire funding.”
The NYRA had hoped to receive revenues from new video lottery terminals being installed at its venues but these have been delayed several times due to the state failing to name an operator. Hayward revealed that the state was supposed to subsidise the NYRA if these units were not installed by April of 2009 after first approving the legislation in 2001.
However, new legislation from the office of Governor David Patterson has been ratified by the State Legislature that will see the NYRA receive a loan of at least $25 million in order to continue operating.
“The board of directors of the New York Racing Association Incorporated along with its management and dedicated employees are grateful for the State Legislature's approval last evening of a $25 million loan, which guarantees world-class thoroughbred racing at Belmont Park, Saratoga Race Course and Aqueduct Racetrack,” said Steven Drucker, Chairman for the NYRA.
“We appreciate the dedication and perseverance of Governor David Paterson, Assembly Speaker Sheldon Silver, Senate Conference Leader John Sampson, Senate Racing Committee Chairman Eric Adams and Assembly Racing And Wagering Committee Chairman Gary Pretlow and their respective staff members, which resulted in this legislation.”
