New York Racing Association Pays off Loan

New York Racing Association Pays off Loan
Photo: File Photo

The New York Racing Association announced that it will make its final payment April 5 on a $25 million loan provided by Genting in 2011 as per an agreement between NYRA and New York State. 

"This payment of the only loan on our books is another example of our commitment to run the New York Racing Association in a fiscally responsible manner," said NYRA President Chris Kay in a statement released April 4. 

In addition to paying off the loan, NYRA will have made total statutory payments to New York State during 2012-2014 of approximately $62 million, including $28 million in pari-mutuel taxes. 

Resources committed to equine safety, including those dedicated to the implementation of the many recommendations of the New York Task Force on Racehorse Health and Safety, have produced marked results thus far in 2014. This year, the Aqueduct Racetrack winter meet (January 1, 2014 through the conclusion of racing on the inner dirt track) has experienced a racing fatality rate of 1.2 per thousand starters. This compares to a rate of 2.0 per thousand starters during the 2013 Aqueduct winter meet and 4.2 per thousand during the 2012 winter meet.

"We take safety very seriously," Kay said. "These results are a reflection of a resolute commitment made by a great many men and women here at the New York Racing Association. We will continue to do everything in our power on behalf of our equine athletes and their riders."

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