NYRA Reportedly Has Inside Track For OTB

NYRA Reportedly Has Inside Track For OTB
Photo: NYRA
Terry Meycoks, NYRA president and COO.
Although the biggest players in North American racing--including Churchill Downs, Magna Entertainment, and Penn National Gaming--are among the bidders for the New York City Off-Track Betting Corporation, the New York Racing Association reportedly has the inside track to purchase the company.

According to the New York Daily News, NYRA location and instate operations give it an edge in negotiations for NYCOTB, which had betting of more than $1-billion in its most recent fiscal year. NYCOTB, for which bids must be received by Wednesday, has a value that could be as much as $400 million, the Daily News reported. Other bidders include New York’s five other OTB districts, the company that operates Philadelphia Park, and the Maryland Jockey Club. Once the bidding deadline closes, NYCOTB will review the proposals and request more formal proposals from some of the bidders, the Daily News reported.

“We feel we are the best qualified,” NYRA president and COO Terry Meyocks said. “We know the industry better than anybody and our interests are to work for the good of the entire industry.”

NYCOTB president Bill Carnevale, NYRA would be the obvious choice to purchase the company. “If I were setting this up from the beginning, I’d have OTB and the racetracks combined as one organization,” Carnevale said. “How can anyone say that’s not the way it should be? I really believe that NYRA is going to make a concentrated effort. It’s the logical thing to do.”

The Daily News reported that NYRA may partner with a third party, possible TVG Network, to help fund any purchase of NYCOTB.

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