JUser: :_load: Unable to load user with ID: 752

Sunday, 29 November -0001 19:03

The State of NYRA

By | Sports

SARATOGA SPRINGS - The state of the New York Racing Association (NYRA) is poor, with the organization reporting losses of over $24 million in 2011.


The New York State Franchise Oversight Board (NYSFOB), which oversees NYRA’s financial operations, recently submitted their annual report to the New York State Governor and Legislature, in which they stated:

“NYRA faces significant challenges moving forward. Vast changes in the sport, consumer preferences and technology have resulted in significant declines in the horse racing industry...The need for major strategic changes designed to reach new generations of racing fans is critical for the future survival of this sport.”

The NYSFOB reports that NYRA lost over $24 million in 2011, which compounds the $17 million loss experienced in 2010. While some hoped video lottery terminals (VLTs) at the Resorts World Casino at Aqueduct would help reverse the losses, increased operating expenses have nullified the potential gains.

“The [NYSFOB] remains focused on NYRA’s growing expense structure in the face of declining handle across the industry. The status quo is simply unsustainable,” the report reads. “If expenses are allowed to continue to grow, not even the substantial investments made by the state into NYRA through the VLT support payments will be enough to cover the losses incurred by NYRA’s operations.”

While operating costs at NYRA increased by $1.1 million compared from 2010 to 2011, administrative and general costs during the same time period jumped $20.9 million. Rising salaries and increased benefits made up the lion’s share of the 14.7 percent jump.

NYRA is in the midst of a major reorganization after investigators discovered members on the board knowingly and illegally overcharged on certain bets. The revelation prompted Governor Andrew Cuomo to seek partial public control of NYRA for the next three years. After the reorganization, 11 members of the board will be appointed by the governor and the legislature while the remaining five will be selected by the current NYRA board.

“In addition, the [NYSFOB] emphasizes the need to re-establish the credibility of the sport through efforts to improve horse safety, owner/trainer integrity and the enforcement of rules governing drug administrations,” states the NYSFOB.

While NYRA is struggling financially, the report noted the crisis would be much more severe without proceeds from the VLTs.

“Without the infusion of cash generated from VLT operations... NYRA finances for 2012 would continue to run deep in the red. According to NYRA’s own budget projections, it will achieve net income of $18.9 million only due to $20.6 million in operational support payments from VLT proceeds and $27.5 million in VLT capital funds.”

But VLTs seem to be a temporary fix as far as NYSFOB is concerned, stating, “Further, NYRA must establish a long-term financial goal to end its reliance on VLT subsidies and immediately develop plans on how it will meet this goal.”

Read 8037 times




  • Saratoga County Court Craig N. Ross, Jr., 46, of Ballston Spa, was arraigned on a nine-count indictment Nov. 17. The indictment charges Ross with felony kidnapping in the first-degree, felony assault in the second-degree, two felony counts of sexual abuse in the first-degree, four felony counts predatory sexual assault against a child, and endangering the welfare, of a child, a misdemeanor. Through his attorney, Ross entered a not guilty plea during his arraignment. Ross was sent to jail without bail and is scheduled to return to court Dec. 21.  The charges are in connection with incidents alleged to have taken place…

Property Transactions

  • BALLSTON Melissa Kalas sold property at 56 Anthony Pl to Mark Hofmann for $379,000 Linda Farante sold property at 528 Hop City Rd to Matthew OConnor for $150,000 Brookview Court Inc sold property at 25 Arcadia Court to Richard Ansaldo for $374,596 Barbera Homes Kelley Farms LLC sold property at 16 Paddock Pl to Rachel Noonan for $604,213 Brookview Court Inc sold property at 21 Arcadia Court to Christine Nemec for $353,284 CORINTH Kasandra Carda sold property at 1025 Camp Ave to James Basile for $335,000 Walter Rafferty sold property at 860 NY St Route 29 to Scott Coates for…