New York's top fiscal watchdog said the New York Racing Association's portrayal of its financial improvements have been artificially inflated after an audit found the not-for-profit operation has run up deficits of $109 million on the racing side.
Three-and-a-half years after being put under state control by Gov. Andrew Cuomo, the New York Racing Association board of the directors approved a plan April 12 for a return to privatization at a meeting in New York City.
The New York Racing Association is preparing to return to private control, board chairman Michael Del Giudice said at a meeting of the association's board of directors March 10 in New York City.
The agenda for the Nov. 12 meeting of the board of the New York Racing Association was short and sweet: to discuss a re-privatization plan for the organization due next spring to the office of New York Gov. Andrew Cuomo.
Optimism was evident May 28 as the board of directors of the New York Racing Association heard Chris Kay, president and CEO, detail several improvements customers can expect on what could be an historic Belmont Stakes day.
The New York Racing Association has added two executives to its senior management team, naming Lynn LaRocca to the newly created position of chief experience officer and Joseph Lambert as its general counsel.