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The financial health of off-track betting corporations in New York is "substantially" deteriorating, and policymakers must react by considering different options.
Thursday, May 20, 2010
State officials in New York have agreed on one point: that they will not let the New York Racing Association shut down after the Belmont Stakes (gr. I) or for the Saratoga summer meet.
Tuesday, May 18, 2010Legal restrictions foil proposal to keep NYRA solvent through the current year. NYRA says state is behind on payments they promised to make.
Wednesday, May 12, 2010
New York State has issued a new call for bidders to operate a casino at Aqueduct, nine years after the project was first approved by the legislature.
Tuesday, May 11, 2010A group of about 10 Thoroughbred breeding farms and the Saratoga County Chamber of Commerce next week will sue the state of New York to try to force it to loan $17 million to the New York Racing Association.
Friday, May 07, 2010The New York Racing Association could run out of cash before July 1 under a doomsday scenario provided to its board of directors.
Friday, April 30, 2010Racetrack casino gambling in New York grew in all but one facility in the past year, as the net winnings of the racinos topped $1 billion for the first time since slots were permitted in the state in 2001.
Friday, April 30, 2010More than 1,000 unionized workers at New York City Off-Track Betting Corp. are in still in line for pay hikes and severance deals but won't be paid until a long-term agreement is made.
Wednesday, April 28, 2010NYRA may get a $17 million loan to help its cash crunch. Meanwhile, New York Off-Track Betting on April 23 cut 35 employees from his staff as it works through bankruptcy reorganization.
Friday, April 23, 2010
Seeking to avoid a "profound" impact on the state's racing industry, New York City Off-Track Betting Corp. will not shut down April 18 as planned.
Saturday, April 17, 2010A top state lawmaker in New York urged the New York City Off-Track Betting Corp. to remain open a few more days to give negotiators additional time to strike a financial rescue plan.
Friday, April 16, 2010An effort to bail out New York City Off-Track Betting Corp. collapsed April 14, leaving uncertainty over whether the betting giant will have to close its doors the weekend of April 17.
Wednesday, April 14, 2010Negotiators are closing in on a deal to keep the money-losing New York City Off-Track Betting Corp. alive for another year, but last-minute sticking points have been jamming up a final agreement the past 24 hours.
Tuesday, April 13, 2010The nation's largest off-track betting corporation will be shut down on the night of April 11 if a deal to provide it with financial help does not come together over the weekend, officials warn.
Thursday, April 08, 2010
New York state officials are preparing as early as this week to release new bid proposals for the delayed Aqueduct casino project, with a winner expected to be selected possibly by the end of June.
Wednesday, April 07, 2010Legislation introduced April 2 would permit a New York state government panel to take over the operations of the New York City Off-Track Betting Corp. if it shuts down.
Friday, April 02, 2010
New York City Off-Track Betting Corp. officials are preparing to seek a bankruptcy judge's help in deferring statutory payments to racetracks and others to avoid an April 11 shutdown.
Monday, March 29, 2010Officials in New York have failed to agree on a bailout plan for the New York City Off-Track Betting Corp., which issued layoff notices Friday to its 1,300 workers as it prepares to close down April 11.
Friday, March 26, 2010A plan quietly floated to let the New York Racing Association take over management of the internet and phone wagering business at the struggling New York City Off-Track Betting Corp. has been rejected by Gov. David Paterson.
Friday, March 26, 2010
New York Gov. David Paterson is pushing a plan with legislative leaders to re-bid the Aqueduct casino project, a proposal that could push off a final decision until the end of the year.
Wednesday, March 24, 2010
New York City Off-Track Betting Corp., facing a possible shutdown, can continue its bankruptcy reorganization case, a federal judge ruled March 22.
Monday, March 22, 2010With talks to avoid a shut-down of its operations so far stalled, NYCOTB has floated a plan to state officials to permit it to withhold certain payments to tracks and others to remain solvent the next three months
Friday, March 12, 2010
New York officials have scuttled the deal with Aqueduct Entertainment Group to develop a sprawling casino at Aqueduct racetrack, leaving an uncertain future over when the project will ever take shape.
Thursday, March 11, 2010State lawmakers March 10 urged Gov. David Paterson, who is considering pulling the plug on Aqueduct Entertainment Group's casino deal at Aqueduct, to pick from one of the remaining bidders if the AEG contract is scuttled.
Wednesday, March 10, 2010
The Aqueduct Entertainment Group bid to run a casino at Aqueduct racetrack took another setback, with the withdrawal of two of its most prominent African-American investors.
Tuesday, March 09, 2010New York lawmakers have given approval to move the state's equine drug-testing laboratory from Cornell University to Morrisville State College. The Senate and Assembly both approved the move March 1.
Monday, March 01, 2010
In a major sign the Aqueduct video lottery terminal project could be in jeopardy, Gov. David Paterson is no longer counting on the winning bidder to supply the cash-starved state with $300 million by March 31.
Monday, March 01, 2010A new member of the New York State Racing and Wagering Board has been approved by the state Senate, but not without the usual dose of partisan wrangling at the state Capitol.
Wednesday, February 24, 2010
The New York Racing Association, which has long resisted revealing salaries of its top executives, has furnished the information to a top state regulator at a time it is warning of running out of cash later this summer.
Saturday, February 20, 2010Asks New York state inspector general's office to look into the bidding process.
Thursday, February 11, 2010Head of state lottery not certain AEG can meet conditions imposed by New York state.
Wednesday, February 10, 2010
Gov. David Paterson has recommended Charles Diamond to a state board with vast regulatory authority over New York's racing and gambling industries.
Friday, February 05, 2010Getting a casino at Aqueduct could be delayed further by political in-fighting.
Thursday, February 04, 2010
New York Gov. David Paterson and legislative leaders have tapped Aqueduct Entertainment Group to run a sprawling new video lottery terminal casino at Aqueduct.
Friday, January 29, 2010
Foot-dragging and midstream rule changes look like prejudice against Penn National Gaming, according to Peter Carlino, the Pennsylvania-based company's CEO and chairman.
Tuesday, January 26, 2010A state task force is recommending a series of changes in the law to address new competition for dwindling betting dollars and repair a situation that has created a damaging war in New York racing.
Monday, January 25, 2010
New York City Off-Track Betting Corp. officials Jan. 25 moved another step nearer to shutting down with approval of letters to employees giving them the legally required notice of a March 30 closure.
Monday, January 25, 2010
The New York Racing Association, as expected, backed down from its refusal to cooperate with a review of its finances by the state's chief fiscal watchdog.
Wednesday, January 13, 2010
The nation's largest off-track betting corporation, now under federal bankruptcy protection, faces closure in the next 60 days unless the state officials OK its recovery plan.
Friday, January 08, 2010The New York City Off-Track Betting Corp.'s bankruptcy petition and attempt to alter how it funds the industry risks undermining the state's already hard-hit breeding programs, New York's leading breeding group is warning.
Thursday, January 07, 2010
The recent bankruptcy petition by the New York City Off-Track Betting Corp. should be tossed out of federal court, the New York Racing Association argues in a lengthy legal brief filed Jan. 4 in Manhattan.
Tuesday, January 05, 2010
Frustrated by the delay in picking an Aqueduct casino operator, New York Gov. David Paterson said he is moving to publicly name his choice in hopes of putting pressure on legislative leaders to make a decision.
Saturday, January 02, 2010
The New York Racing Association, which says it will run out of money next year, will not open up its books to let New York's chief fiscal watchdog examine its operations to verify those claims.
Monday, December 28, 2009
NYRA president Charles Hayward said the state needs to choose a casino operator for Aqueduct or the association will run out of money in June, which puts the Belmont Stakes (gr. I) at risk. As of now, the race will be run.
Tuesday, December 22, 2009
The federal government has given preliminary recognition to a Long Island Indian tribe, setting in motion development of a possible casino close to the New York Racing Association's two downstate tracks.
Tuesday, December 15, 2009
New York's rules governing racetrack and off-track revenue-sharing took another twist Dec. 15 as state racing regulators ordered four downstate off-track betting corporations to pay millions of dollars to Yonkers Raceway.
Tuesday, December 15, 2009After nearly four decades, New York's Cornell University is moving to close its world-famous equine drug-testing laboratory. An equine science program at a state university 70 miles up the road is eagerly willing to take over, and expand, an operation vital to the state's horse industry.
Friday, November 20, 2009
Negotiations for an Aqueduct casino operator have stepped up again, with a new flurry of talks between Gov. David Paterson and legislative leaders occurring in advance of a return by the state legislature the week of Nov. 16 to deal with New York's soaring deficit.
Friday, November 13, 2009All five remaining bidders for the Aqueduct gaming project said they have met a Nov. 6 deadline to guarantee a quick $200-million payment to the state of New York if they are chosen to develop the video lottery terminal casino at the Queens racetrack.
Friday, November 06, 2009Las Vegas casino executive Steve Wynn has pulled out of the running for the long-stalled Aqueduct casino project, sources said Nov. 4.
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