A powerful New York legislator says the Thoroughbred franchise for Aqueduct, Belmont and Saratoga racetracks should be awarded in the next six months in order to ensure the continued viability of racing in the state.
The auction of 19 pieces of equine artwork by the financially ailing New York Racing Association has been canceled after Sotheby's auction house withdrew the sale under threat of legal action by the state government.
New York Gov. George Pataki, after a day of intrigue at the state Capitol over the leadership of the state's racing regulatory agency, has relieved Michael Hoblock of his duties as chairman of the state Racing and Wagering Board.
New York's top racing regulator said court action is still being considered as a result of the New York Racing Association's plans to auction off 19 pieces of artwork without first getting state approval.
A state oversight panel is recommending the New York Racing Association boost takeout, defer dues to the National Thoroughbred Racing Association, and get a cash advance from its casino partner in order to cope with NYRA's worsening fiscal picture.
New York state is threatening legal action against the New York Racing Association and the auction house planning to sell NYRA artwork because it claims it hasn't signed off on the sale of the equine art collection.
The racing industry's major stakeholders in New York state, more accustomed to battling than cooperation, came together Tuesday, Nov. 15 for an unprecedented gathering to try to reach consensus on ways to improve the state of their financial affairs.
The New York Racing Association, which hopes to get the state's attention on its current fiscal plight, did itself no favors by the way it hired a bankruptcy law firm to represent it in the event of insolvency if the reaction of the head of a new oversight panel is any indication.
A state oversight panel said the New York Racing Association may have some fiscal tools in its arsenal to avoid insolvency in November.
New York Racing Association officials are cautiously backing away from comments attributed to NYRA President Charles Hayward concerning the possible closure of Aqueduct if the state grants NYRA another racing franchise after 2007.
The franchise now held by the embattled New York Racing Association, which is facing insolvency by the end of November, should be awarded to a new operator within six months, New York Senate Majority Leader Joseph Bruno said Thursday.
The New York Racing Association could be insolvent by the third week of November unless several plans to raise money and cut expenses occur, NYRA President Charles Hayward told a state oversight panel today.
The New York Racing Association is now saying the state comptroller didn't approve its plan to sell a large number of parcels of land at Aqueduct.
A secretive group trying to obtain the New York Racing Association franchise is raising concerns about NYRA's attempt to sell 80 acres of land near Aqueduct racetrack--land the group says may not be owned by NYRA.
Two senior New York Racing Association officials, including a onetime top jockey, were indicted Sept. 21 in state court on fraud and other charges as part of a scheme in which jockey weights were fabricated at NYRA tracks.
Federal prosecutors have dropped their longstanding criminal case against the New York Racing Association, which officials said cooperated in reforming past episodes of wrongdoing that could have cost it the franchise to operate the tracks.
An omnibus racing bill with provisions that include creation of a new state panel to oversee the operations of the New York Racing Association has been signed into law by New York Gov. George Pataki.
The New York Racing Association has made significant strides to improve its operations and to bolster the integrity of the racing industry, according to the federal monitor assigned to oversee NYRA during its deferred prosecution period.
The battle over the franchise to run three New York racetracks got off to an unofficial start Aug. 2 when officials with the New York Racing Association and Magna Entertainment Corp. sparred during an Albany Law School symposium.
The New York State Racing and Wagering Board on July 22 revoked the license of owner Ernie Paragallo, whose Paraneck Stable sent out numerous stakes horses over the years.
A secret group interested in bidding for the racetrack franchise now held by the New York Racing Association is urging the U.S. Attorney's office to prosecute the racing entity.
The New York Racing Association will be placed under the watchful eye of a state oversight panel, Gov. George Pataki announced June 23, while the bidding process for the rights to the franchise to operate NYRA's three tracks will be accelerated.
The bidding process for the three-track franchise held by the New York Racing Association would be sharply accelerated and NYRA would come under new oversight by the state government under measures being pushed by Gov. George Pataki.
The New York Racing Association and MGM Mirage announced June 16 that they have formally entered into a deal in which the Las Vegas gambling company will develop and manage a new video lottery terminal casino at NYRA's Aqueduct racetrack.
New York's top fiscal watchdog has issued a scathing financial audit of the New York Racing Association--findings he claims are so troublesome that most members of the current NYRA board should resign.
New York Racing Association officials say they are rushing toward a new video lottery terminal revenue sharing deal with horsemen and breeders that would avoid the need for pending legislation at the state Capitol to reach a VLT agreement.
Horsemen and breeders have turned to New York legislators to resolve a dispute over video lottery terminal revenue-sharing arrangements with racetracks.
The New York Racing Association has struck a tentative deal with horsemen on a revenue-sharing arrangement for future proceeds from video lottery terminals at Aqueduct Racetrack.
The projected cost of building the long-planned video lottery terminal casino at Aqueduct has soared nearly 20% since it was first proposed several years ago, New York Racing Association officials said.
New York's highest court upheld as legal the spread of video lottery terminals to racetracks in a ruling issued May 3, a major victory for the state's racing industry.
A measure to increase the share of video lottery terminal revenue for New York racetracks, as well as jump-start the long-stalled VLT casinos at Aqueduct and Yonkers Raceway, has been given final approval by Gov. George Pataki.
The New York legislature has given final approval to a measure to increase the share of video lottery terminal revenue for racetracks, as well as jump-start the long-stalled VLT casinos at Aqueduct and Yonkers Raceway.
The Republican-led Senate and Democratic-run Assembly in New York have introduced legislation to sweeten the pot for racetracks with video lottery terminals, though the measure restricts the amount of extra money that would go to Aqueduct and Yonkers Raceway compared to other tracks.
Lawmakers in New York have agreed to repair a state law that has kept Aqueduct and Yonkers Raceway from opening their video lottery terminal casinos in a deal that will bring the state up to $1 billion in revenue each year.
Seeking to prod along negotiations, the New York Senate approved two bills March 17 designed to open long-stalled video lottery terminal casinos at Aqueduct and Yonkers Raceway, believed to be New York's most lucrative racetracks for gaming.
The New York Assembly has rejected proposals by Gov. George Pataki to create an oversight board to monitor the New York Racing Association, form a super-agency to oversee all aspects of gambling, and create eight additional video lottery terminal casinos.
With New York losing nearly $3 million a day, Gov. George Pataki Feb. 15 told legislative leaders he wants a quick resolution to a dispute that has kept casino operations from opening at Aqueduct and Yonkers racetracks.
A New York state authority that supports Standardbred purses and breeding has lax internal financial controls, according to an audit released Tuesday by state Comptroller Alan Hevesi.
The franchise for the New York Racing Association should be put out to bid and awarded to an entity that will turn the troubled racing group into a for-profit enterprise, the New York state Legislature's top Republican said Tuesday.
The New York Racing Association will shut off its signal to an additional six wagering outlets, claiming it has no assurances from the companies about their ownership and customer base.
The new holder of New York's Thoroughbred franchise would pay the state a one-time fee of $250 million, under a plan proposed Tuesday by Gov. George Pataki.
The future shape of New York's Thoroughbred industry will be the focus of a new group of the nation's leading racing industry insiders, whose chief mission will be to propose a new business model for racing in the state.
The New York Racing Association's three racetracks were raided by state investigators Dec. 15 as part of a sweeping probe sources said could be aimed primarily at the system of weighing jockeys.
Legislation has been introduced in New York to sweeten the pot for racetracks operating video lottery terminals, and to encourage the New York Racing Association's VLT partner to begin construction of a new casino at Aqueduct.
The New York Racing Association has named Charles Hayward, a former president of Daily Racing Form, as its new president and chief executive officer. Hayward replaces Terry Meyocks, who resigned following several years of legal and financial turmoil at NYRA.
The New York Racing Association is close to naming a new president, and sources say Charles Hayward, the former chief executive officer of the Daily Racing Form, is in line to take over at a crucial time in the racing entity's history.
Negotiations are underway to resolve the bitter simulcasting dispute between the New York Racing Association and a consortium of Northeast racetracks, as both sides seek to insist the other is being more financially hurt by the controversy.
The 18-year-old television deal between the partners in Triple Crown Productions has been dissolved. Just days after New York Racing Association chairman Barry Schwartz said the NYRA would move in another direction, it was announced Oct. 4 the Belmont Stakes (gr. I), third leg of the Triple Crown, would be broadcast via ABC Sports beginning in 2006.
With the New York Racing Association's handle down since its signal was pulled by the MidAtlantic Cooperative in mid- September, NYRA chairman Barry Schwartz said the dispute can be resolved only if the racetracks in the group "come to their senses."
A rift has developed among the partners in Triple Crown Productions, which holds the television rights to the three grade I Visa Triple Crown events: the Kentucky Derby at Churchill Downs, the Preakness Stakes at Pimlico Race Course, and the Belmont Stakes at Belmont Park.
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