A deal to provide a $20-million bailout to the New York Racing Association received Senate approval March 1 and heads to Gov. George Pataki for his signature.
New York state could reap at least $2.1 billion if it auctions off video lottery terminal franchises at Aqueduct and Belmont racetracks, sells the tracks now run by the New York Racing Association, and privatizes the six regional off-track betting corporations now scattered around the state.
A state panel overseeing the Thoroughbred racing franchise bidding process in New York could ask potential bidders to reply to three different requests for proposal that will vary depending on the future value of the franchise.
After months of delay, the final members of a panel overseeing the Thoroughbred racetrack franchise process in New York have been named.
The New York Racing Association voided a claim Jan. 28 at Aqueduct after its Horse Identification Department discovered the claimed mare--Free Dip--was actually the 5-year-old Miss Stella and had raced under the wrong name in all 27 of her starts.
Friends of New York Racing, a consortium of industry groups and individuals that has been studying and making recommendations on the future of racing in the state, is being formally disbanded at the end of February.
As racing industry leaders discussed the value of Thoroughbred racing at New York's three premier tracks, the company that owns the state's fourth Thoroughbred track, Finger Lakes Gaming & Racing, said it could pursue the New York Racing Association franchise.
Magna Entertainment would be interested in partnering with Churchill Downs for New York's potentially lucrative Thoroughbred racetrack franchise, but wants nothing to do with the New York Racing Association, Magna Chairman Frank Stronach said Jan. 24.
New York Racing Association attendance and handle figures suffered drops in 2005 as compared to the previous year.
The New York Racing Association will have to raise pari-mutuel takeout if it is to obtain a $20-million loan from the state of New York, according to language buried in state budget bills introduced the week of Jan. 16.
New York would add three additional casinos featuring video lottery terminals, which would be permitted to locate near the New York Racing Association's future Aqueduct racino, Gov. George Pataki proposed Jan. 17.
With construction set to start on a video lottery terminal casino at Aqueduct in late January, racetrack, the New York Racing Association is pushing the state of New York to provide an additional $20-million bailout before spring.
A New York state government panel approved a $5-million loan for the New York Racing Association Jan. 9 to keep the association afloat during its 2006 racing season.
The New York state panel involved in the renewal process for a new Thoroughbred racing franchise to replace the New York Racing Association will hold two public hearings later this month to help it carry out its mandate.
Eugene Melnyk, whose racing stable is one of three finalists for an Eclipse Award as outstanding owner of 2005, has resigned his position on the New York Racing Association's board of trustees, according to a release from NYRA.
All horses shipping onto New York Racing Association properties from Kentucky as of Dec. 31 will be required to be accompanied with a 48-hour Certificate of Veterinary Inspection (CVI), said Rusty Ford of the Kentucky State Veterinarian's office.
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.
New York Gov. George Pataki is offering $10 million in immediate aid to help keep the ailing New York Racing Association from insolvency, and he pledged to work with legislators on another measure to lend NYRA cash against its future gaming proceeds.
New York's top Republican in the state legislature has called for the creation of a $30-million state fund to help the New York Racing Association overcome its financial crisis while the state speeds up the process to award a new Thoroughbred franchise.
New York officials need to act quickly to launch a major overhaul of racing laws to help jumpstart the state's $1.4-billion Thoroughbred racing industry, Friends of New York Racing concluded in its year-end report on the status of pari-mutuel horse racing in the state.
A deal is in the works to provide up to $5 million to the cash-starved New York Racing Association from the sale of land near Aqueduct to the Port Authority of New York and New Jersey.
The former head of the now-defunct New York State Thoroughbred Capital Investment Fund pleaded guilty to felony grand larceny charges, state officials and his lawyer said Dec. 2.
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.
Racetrack officials met with the new leadership of the Jockeys' Guild Dec. 1 to discuss "issues of mutual concern," according to a Guild release.
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.
The New York Racing Association has requested a 257-day racing season for 2006, pending formal submission to and approval by the New York State Racing and Wagering Board.
The fall meet at Belmont Park, highlighted by the Breeders' Cup World Thoroughbred Championships Oct. 29, resulted in across-the-board increases in all major business categories. Excluding Breeders' Cup Day, however, average daily attendance and some average daily wagering categories declined from the same meet one year ago,
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.
A revenue-sharing deal for video lottery terminals at Aqueduct would give horsemen 7.5% of gross gaming revenue for the first three years, and breeders 1.25% for the first five years, once the devices are operating.
Revenue to localities in the six off-track betting regions in New York is down more than 50% from 2000 to 2004, according to the results of a study commissioned by Friends of New York Racing, the organization that seeks to build a better economic model for the pari-mutuel industry in the Empire state. Two OTB corporations, Capital and New York City, have issued responses to the report, which they believe doesn't tell the whole story.
A state oversight panel said the New York Racing Association may have some fiscal tools in its arsenal to avoid insolvency in November.
For the first time in Breeders' Cup history, horses entered in all championship races will be required to pass through a race-day detention barn, keeping in step with security measures set up by the New York Racing Association earlier this year.
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 Thoroughbred Thank You Fund, established by 1986 West Point graduate and retired Army officer Terry Finley, plans to bring 200 New York-based military personnel and West Point cadets to the Breeders' Cup World Thoroughbred Championships at Belmont Park Oct. 29. Included will be New York reservists from the 369th Harlem Hellfighters Battalion and the 69th Infantry, who recently returned from tours of duty in Iraq and Afghanistan.
As Breeders' Cup officials continued to deal with the fallout from the announcement the New York Racing Association could be nearing insolvency, they indicated Oct. 11 it's all systems go for the Oct. 29 World Thoroughbred Championships at Belmont Park by launching a $2-million marketing push only 18 days before the event.
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.
The three major racetrack operators -- Churchill Downs Inc., Magna Entertainment Corp., and the New York Racing Association -- have confirmed along with other racing associations and horsemen's groups the renewal of their membership in the National Thoroughbred Racing Association.
The New York Racing Association is now saying the state comptroller didn't approve its plan to sell a large number of parcels of land at Aqueduct.
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.
Offshore wagering services issued statements Sept. 13 expressing unhappiness with the way rebate shops were portrayed in a report that led to dismissal of charges against the New York Racing Association.
Due to his appointment to the Committee on the Future of Racing in New York, Jack Knowlton, managing partner of Sackatoga Stable, has resigned from the board of directors of Friends of New York Racing.
Attendance dipped slightly and overall handle was also off for the 36-day season at Saratoga Race Course that ended Sept. 5.
The New York Racing Association announced Sept. 1 that Irene M. Posio has been promoted to vice president/treasurer and controller, effective immediately.
For Chuck Simon, nothing would be sweeter than scoring his first grade I victory at Saratoga Race Course. He will get the opportunity when he saddles Jay and Gretchen Manoogian's Battle Won in Saturday's $250,000 Forego Handicap (gr. I), going seven furlongs.
The firm Getnick & Getnick, the federal monitor overseeing the operating procedures of the New York Racing Association (NYRA), has delayed submitting a report of their findings to the United States Attorney's office, which will turn over the report to Judge Arthur Spatt, the federal judge overseeing the matter.
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