A state government panel in charge of overseeing the New York Racing Association's finances--and the racing franchise as of Jan. 1, 2008--has a new chairman at a critical moment in the franchise negotiations.
The New York Racing Association will get its $19-million bailout from state government provided it gives assurances that it "does not anticipate" filing for bankruptcy protection in the next six months.
A top Las Vegas casino company is assuring New York officials it's anxious to get started with construction of a video lottery terminal casino at Aqueduct.
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 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.
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.
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.
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.
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