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 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.
As a second generation horseman, trainer Richard Dutrow Jr. dreamed of winning big races and on Saturday those dreams came true when he saddled Saint Liam to win the $4,291,500 Breeders' Cup Classic – Powered by Dodge (gr. I).
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.
Continuing on a theme he struck during the Jockey Club Round Table the previous morning, Tim Smith, the president of the Friends of New York Racing, outlined the research group's preliminary findings and recommendations during a public forum Monday at Fasig-Tipton's Humphrey S. Finney sale pavilion in Saratoga Springs, N.Y.
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 day after the New York Racing Association announced major management changes that included the replacement of racing secretary Mike Lakow, industry participants had plenty of questions but got no definitive answers.
The first horse to exceed the established limit of 37 millimoles in New York Racing Association's new blood gas testing program has been cleared through a second battery of tests over a three-day quarantine period conducted in the race day security barn at Belmont Park.
Officials of Breeders' Cup Limited and the New York Racing Association announced Wednesday that ticket applications for this year's Breeders' Cup World Thoroughbred Championships are now available. The 22nd Breeders' Cup, consisting of eight grade I races with purses and awards totaling $14 million, will be held on Saturday, Oct. 29 at Belmont Park in Elmont, N.Y.
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.
The New York Racing Association, in conjunction with the New York Thoroughbred Horsemen's Association, will fund additional research and development into improved equine testing for performance enhancing substances.
The California Horse Racing Board heard arguments April 24 on the issue of publications and radio shows in the state selling advertising to off-shore wagering operations. Residents of California are only able to legally bet through facilities licensed by the state, so wagering with offshore companies is in violation of state law.