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.
Thoroughbred trainer Gary Sciacca was suspended for four months and two of his employees and a Belmont Park veterinarian were handed stringent penalties Wednesday by the New York State Racing and Wagering Board over milkshaking charges stemming from last year.
The New York Racing Association can give free passes to relatives of owners, trainers, and jockeys under a bill approved by the state legislature, but state regulators must be notified.
The New York Racing Association can give free track passes to relatives of owners, trainers and jockeys, under legislation that has been given final approval by the state Legislature.
A measure to encourage the operation of video lottery terminals at several big racetracks in New York, including the New York Racing Association's Aqueduct track, collapsed Aug. 12 in Albany amid industry infighting, political intrigue and head-butting among powerful lobbyists.
Magna Entertainment Corp. is still willing to partner with the New York Racing Association, but it is also pursuing its own move into the New York marketplace in case NYRA isn't serious about a merger, MEC president Jim McAlpine said.
The court-appointed monitor overseeing the New York Racing Association said his job is to bring "structural reforms" to NYRA, not tear it down with "scandal of the week" announcements.
The New York Racing Association's chief executive officer isn't willing to definitively say National Thoroughbred Racing Association commissioner Tim Smith will take over as president, but Barry Schwartz believes the time has come for him to step aside from his full-time NYRA post.
The New York Racing Association lost nearly $20 million last year, in part due to government fines and other expenses to cope with ongoing legal problems. But the association expects to greatly reduce the deficit in 2004.
More money was wagered in New York on out-of-state races than in-state races in 2003, the first time such a shift has occurred, according to a new report by the New York State Racing and Wagering Board.
Not only will Saratoga Gaming and Raceway not close down its video lottery terminal parlor in August to accommodate the New York Racing Association, but there is talk of the NYRA neighbor adding another 700 VLTs, a state official said.
A New York appeals court July 7 said the revenue-sharing agreement for racetrack video lottery gambling is unconstitutional, a decision that raises new questions about a program that has stalled at the state's biggest tracks.
The New York Racing Association June 28 unveiled the details of its 2004 Saratoga meet, a 36-day gathering with a heavy line-up of horses and top trainers but one that will operate under the watchful eye of a court-appointed monitor.
Hit by relatively high revenue-sharing demands from the state and plans for even more gambling competition, New York's racetrack video gaming machine program has a murky future, Wall Street analysts and industry officials said.
A couple of years ago, there were suggestions a soon-to-be-built gaming parlor at Saratoga Raceway would close during the day in August when the Thoroughbreds came to down.
New York Republican officials are growing increasingly frustrated with Democrats who run the Assembly for blocking a measure to overhaul racing regulation and setting up a new state monitor to oversee the operations at the troubled New York Racing Association.
Monticello Raceway in New York's Catskill mountains resort region would become the home of a $500-million, Las Vegas-style casino under a deal announced by Gov. George Pataki and the Cayuga Indian tribe.
The court-appointed monitor that oversees New York Racing Association operations has moved into NYRA racetracks and conducted briefing sessions with everyone from board members to hot walkers.
The New York state Senate June 3 gave quick approval to a plan to overhaul the regulation of racing in the state, including a provision designed to get video lottery terminals installed this year at Aqueduct.
Batavia Downs, believed to be the nation's oldest nighttime Standardbred track, will not open for racing this summer because of dwindling revenue and an inability to get financing for its racino operation, track officials said.
New York Gov. George Pataki May 27 proposed a complete overhaul of racing laws in the state, a move that would block the New York Racing Association's bid to get its racetrack franchise extended this year, and provide incentives to get video lottery terminals in operation at Aqueduct.
An investment group is taking ownership of Tioga Park, shuttered to racing in upstate New York since 1978, with plans to begin Standardbred racing next year in a facility that it hopes will also include a video lottery terminal casino.
The chairman of the New York Racing Association is blasting state officials for throwing up what he says is another roadblock to opening a racino at Aqueduct racetrack.
The New York Racing Association and Magna Entertainment Corp. again are discussing merger possibilities, two months after the NYRA board flatly rejected a bid by Frank Stronach's company to become financial partners.
As some lawmakers and off-track betting corporations push for an increase in pari-mutuel takeout, New York regulators March 30 agreed to lower the takeout on certain pick six wagers at New York Racing Association tracks.
Pari-mutuel takeout wars have begun in New York, where a state senator has introduced legislation to increase the amount the New York Racing Association keeps on wagers. Though the measure's sponsor said the takeout hike is needed to help stop NYRA's financial bleeding, NYRA chairman Barry Schwartz insists the legislation would turn off bettors and decrease purses.
Two weeks after floating its legislative proposal around the state Capitol, the New York Thoroughbred Horsemen's Association has found a legislator to introduce a measure that would force the New York Racing Association to reimburse millions of dollars it borrowed from the horsemen's purse account.
Magna Entertainment Corp., even though the New York Racing Association rejected its partnership proposal, continues to have a keen interest in New York racing, president Jim McAlpine said.
The New York Racing Association board of trustees has rejected a bid by Magna Entertainment Corp. to become financial partners, NYRA chairman Barry Schwartz said.
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