Horse Racing News is the source of thoroughbred racing information with horse racing odds, betting tips, racing picks, race results, and handicapping. Latest news and articles on top horse racing contenders, jockeys, trainers, three-year-olds, race tracks, and major stakes races such as the Triple Crown races: the Kentucky Derby, Preakness and Belmont Stakes as well as the Breeders' Cup horse races.New York Racing Association (NYRA) To Continue Operating Aqueduct, Belmont Park & Saratoga
Posted on Wednesday, February 13th, 2008
The New York Racing Association (NYRA) has won the rights to a 25-year exclusive franchise to run thoroughbred racing in New York and continue operating Aqueduct, Belmont Park and Saratoga race tracks. NYRA has held the franchise since 1955.
The deal was approved February 13 in exchange for NYRA giving up its disputed claim to ownership of the tracks, an issue it used as leverage in the talks that ended hours before a temporary franchise extension was set to expire.
NYRA will receive $105 million from the state to get out of bankruptcy and the state will forgive millions of dollars more in loans that were part of previous bailouts. The state now plans to pick a gaming operator to open up video slot machines at Aqueduct.
The agreement also expands the board of NYRA, a private entity. The new board will have open meetings and include more representatives from government and the racing industry, although NYRA members will still have a majority.
“This a great day for thoroughbred racing in New York and for all the people involved with the State’s vital thoroughbred industry,” said NYRA president Charles Hayward.
The deal also increases the funding stream for harness tracks at Yonkers, Monticello, Tioga, Vernon Downs and Finger Lakes. Those tracks have said they needed to keep a bigger share of their revenues to compete with other forms of gambling.
A bill setting up the deal passed in the Democrat-led Assembly and Republican-led Senate on Wednesday.
But Republican senators representing Nassau County refused to join their majority conference, as is usually routine in Albany. They objected mostly because the deal doesn’t allow for video slot machines at Belmont Park.
“Thoroughbred racing plays an important role in our economy, employing thousands of New Yorkers around the state,” said Gov. Eliot Spitzer, who will sign the agreement into law. “Today we have reached an agreement that represents the best vision for the future of the horse racing industry, and will ensure that operations at these tracks will continue uninterrupted and have the financial resources they need to thrive in the future.”
“The legislation transforms NYRA and provides important support and oversight of an important industry,” said Dan Weiller, spokesman for speaker Sheldon Silver.
Speaker Sheldon Silver had long opposed allowing video slot machines at Belmont, saying it would simply diminish revenues from Aqueduct 10 minutes’ drive away and unnecessarily expand gambling in communities. Spitzer and Bruno lost this battle, but say they will continue to seek agreement to put the machines at Belmont.
“We got a resolution that I think puts racing on the right path,” Gov. Eliot Spitzer said.
"New York Racing Association (NYRA) To Continue Operating Aqueduct, Belmont Park & Saratoga" was posted on Wednesday, February 13th, 2008 at 7:09 pm and is filed under Aqueduct, Belmont Park, Horse Racing Industry, Race Tracks News, Saratoga, USA Horse Racing. You can follow any responses to this entry through the RSS 2.0 feed. Leave a response, or trackback from your own site.
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