The chairman of the state panel overseeing the bidding process for New York's Thoroughbred racing franchise dismissed growing speculation that the complex task of awarding a new franchise holder won't begin in earnest until next year.
The projected costs of the New York Racing Association's video lottery terminal casino keep soaring, and state officials are voicing renewed concerns about the delay in building the new gambling facility at Aqueduct racetrack.
New York racing regulators have approved a plan by the New York Racing Association and Capital District Regional Off-Track Betting Corp. to start players rewards programs for frequent bettors.
After nearly a year of delay, New York racing regulators are due to vote March 28 on a plan by the New York Racing Association to start a players' rewards program for frequent bettors.
New York lawmakers are backing a deal to provide a $5 million loan to the New York Racing Association and provide a $2 million infusion of funds to a Thoroughbred breeding and development fund.
Violators of New York's racing laws would face sharply higher fines under a new bill pending in the state Senate.
New York should permit public and private partnerships to bid on the New York Racing Association franchise, allow bettors to wager via computers, introduce frequent-betting rewards programs at tracks, and approve the merger of the state's off-track betting corporations, according to an ambitious legislative package proposed March 9 by Friends of New York Racing.
A New York state panel approved a deal Tuesday to have the state's obligations owed by the New York Racing Association take a back seat to the $170 million MGM Mirage will be lending to NYRA to build its video lottery terminal casino at Aqueduct racetrack.
A group formed under the name Empire Racing Associates will try to join up with partners to make a bid on the expiring franchise to run Aqueduct, Belmont and Saratoga race tracks.
A deal to provide a $20-million bailout to the New York Racing Association received Senate approval March 1 and heads to Gov. George Pataki for his signature.
New York state could reap at least $2.1 billion if it auctions off video lottery terminal franchises at Aqueduct and Belmont racetracks, sells the tracks now run by the New York Racing Association, and privatizes the six regional off-track betting corporations now scattered around the state.
A state panel overseeing the Thoroughbred racing franchise bidding process in New York could ask potential bidders to reply to three different requests for proposal that will vary depending on the future value of the franchise.
After months of delay, the final members of a panel overseeing the Thoroughbred racetrack franchise process in New York have been named.
Friends of New York Racing, a consortium of industry groups and individuals that has been studying and making recommendations on the future of racing in the state, is being formally disbanded at the end of February.
Magna Entertainment would be interested in partnering with Churchill Downs for New York's potentially lucrative Thoroughbred racetrack franchise, but wants nothing to do with the New York Racing Association, Magna Chairman Frank Stronach said Jan. 24.
The New York Racing Association will have to raise pari-mutuel takeout if it is to obtain a $20-million loan from the state of New York, according to language buried in state budget bills introduced the week of Jan. 16.
New York would add three additional casinos featuring video lottery terminals, which would be permitted to locate near the New York Racing Association's future Aqueduct racino, Gov. George Pataki proposed Jan. 17.
With construction set to start on a video lottery terminal casino at Aqueduct in late January, racetrack, the New York Racing Association is pushing the state of New York to provide an additional $20-million bailout before spring.
A New York state government panel approved a $5-million loan for the New York Racing Association Jan. 9 to keep the association afloat during its 2006 racing season.
The New York state panel involved in the renewal process for a new Thoroughbred racing franchise to replace the New York Racing Association will hold two public hearings later this month to help it carry out its mandate.
New York Governor George Pataki and state officials agreed Dec. 30 to a $30 million bailout plan for the New York Racing Association to help stabilize its finances and keep racing going uninterrupted.
New York Gov. George Pataki is offering $10 million in immediate aid to help keep the ailing New York Racing Association from insolvency, and he pledged to work with legislators on another measure to lend NYRA cash against its future gaming proceeds.
New York's top Republican in the state legislature has called for the creation of a $30-million state fund to help the New York Racing Association overcome its financial crisis while the state speeds up the process to award a new Thoroughbred franchise.
Trainer Todd Pletcher, who recently set a single-season record for earnings, was suspended for 45 days by New York regulators Dec. 15 for a banned substance found in one of his horses that raced a year ago at Saratoga.
New York regulators have altered the state's equine medication rules to bring them more in compliance with other states, but they have refused to join states that permit administration of more race-day drugs.
New York officials need to act quickly to launch a major overhaul of racing laws to help jumpstart the state's $1.4-billion Thoroughbred racing industry, Friends of New York Racing concluded in its year-end report on the status of pari-mutuel horse racing in the state.
A deal is in the works to provide up to $5 million to the cash-starved New York Racing Association from the sale of land near Aqueduct to the Port Authority of New York and New Jersey.
The former chairman of the now-defunct New York State Thoroughbred Capital Investment Fund tapped into the agency's budget to foot expenses for a bed and breakfast and Mexican restaurant he owned, while CIF funds were used to pay for such personal items as overnight mailings to watch repair stores, gasoline and entertainment, New York State Comptroller Alan Hevesi said in an audit released Dec. 5.
The former head of the now-defunct New York State Thoroughbred Capital Investment Fund pleaded guilty to felony grand larceny charges, state officials and his lawyer said Dec. 2.
- By Tom Precious
A powerful New York legislator says the franchise to operate 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.
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.
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