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.
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.
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.
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.
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 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.
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.
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.
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 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.
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.