The New York Racing Association, under investigation for more than three years, was indicted Thursday on fraud and conspiracy charges. Despite that, NYRA will be able to retain its franchise to run three premier Thoroughbred tracks in New York under a "deferred prosecution'' deal in which it will escape a trial in return for reforming its operations, according to the deal agreed to by federal prosecutors and the NYRA board of trustees.
A top casino official from Las Vegas believes pari-mutuel wagering has its place in casinos, but he believes that position could be jeopardized if the rates charged for signals make simulcasts cost-prohibitive.
New York media outlets have reported an indictment of the New York Racing Association on conspiracy, tax evasion, and fraud charges is expected, possibly as soon as Dec. 5. In an unusual deal, NYRA would be allowed to keep its franchise to operate Aqueduct, Belmont Park, and Saratoga, according to the reports.
With scandals at the New York Racing Association having left a string of criminal convictions over the past couple years, the chairman of the Senate racing committee has proposed legislation to tighten state law to ensure convicted felons cannot obtain racing licenses in New York.
As the racing industry's breath-holding continues as it awaits the ongoing investigation by the U.S. Attorney's office, it is a question state and federal officials, as well as NYRA's boosters and competitors alike, have been increasingly pondering.
Fans at Aqueduct for opening day Wednesday of the Big A's 44-day fall meeting will notice that New York City's track is undergoing changes. But while these changes are being made, the racing will continue, capped by HolidayFest (Nov. 27-30) and the $350,000 Cigar Mile (gr. I) on Nov. 29.
Fans making their way to Aqueduct for the Oct. 29 opening day of the fall meeting will see some changes at the racetrack. Construction has changed access and the entrances to some areas, but live racing will continue through Dec. 31.
New York Racing Association officials said it appears losses were kept relatively low from a September incident in which at least a dozen wagering outlets failed to stop taking bets after a Belmont Park race had begun.
The embattled president of the New York Racing Association resigned Monday evening, in a move NYRA officials hope will quell the firestorm that is threatening their franchise to run the state's three premier racetracks.
From press release -- New York Racing Association chairman and Chief executive officer Barry K. Schwartz announced today a major reorganization of NYRA's management structure, including the resignation of president and COO Terry Meyocks.
The New York Racing Association, poised to make major reorganizational changes in a bid to keep its racing franchise intact, has hired a new high-level executive to oversee its much-criticized finances.
The trustees of the New York Racing Association, a target of allegations of wrongdoing and mismanagement, met in private Sept. 24 to devise ways to keep from losing the franchise to operate the state's premier Thoroughbred tracks.
By Ray Paulick -- The Saratoga season of 2003 is one New York Racing Association officials will not soon forget, and for good reason. They overcame numerous obstacles to post record numbers at what most people acknowledge is American racing's most important meeting.
The Greatest Game, an initiative to encourage Thoroughbred ownership, will sponsor the Friday edition CNBC's "Squawk Box" when the show is broadcast live from Saratoga Race Course leading up to the Aug. 23 Travers Stakes (gr. I). The show airs on CNBC weekdays from 7-10 a.m.
Trainer John Ward received a surprise phone call on Wednesday from New York attorney general Eliot Spitzer, three days after the Kentucky horseman made comments critical of the federal investigation of the New York Racing Association.
After meeting with its newly hired security consultant, the New York Racing Association on Wednesday said it has begun a review of its practices already under investigation by state and federal authorities.
Kentucky Derby-winning trainer John Ward has called some of the recent attacks on the embattled New York Racing Association "essentially a political assassination campaign" linked to development of video lottery terminals at racetracks in the state.
A construction program that began 2 1/2 weeks ago to install video lottery terminals at Aqueduct racetrack in New York has been halted because of the ongoing criminal investigation of the New York Racing Association.
Magna Entertainment Corp. is still very much interested in entering the New York racing market, and would seek to obtain, if it becomes available, the New York Racing Association franchise, the head of the company said Aug. 5.
Federal prosecutors are preparing an indictment against the New York Racing Association that will allege a corporate conspiracy that permitted corruption to occur at its three racetracks. Sources also say the state is currently developing a contingency plan in case the NYRA is ousted from its duties.
After mailing out 180,000 vouchers to its fans, the New York Racing Association has scuttled its marketing tool known as the "mystery voucher'' program after state regulators ordered new safeguards implemented in the program.
Controversy has once again hit the New York Racing Association following an article published in Thursday's edition of the Albany Times-Union that shows former chief executive Kenneth Noe has received $7,000 a month, plus expenses, since his retirement in a deal that will continue even beyond his death.
New York Attorney General Eliot Spitzer said he came away from a one-hour meeting with New York Racing Association Chairman Barry Schwartz convinced that NYRA will now be taking steps to improve the operations he sharply criticized last month following a three-year investigation.
Using a smiling, cigar-chomping photograph of gangster Al Capone atop a caption saying "he would have loved'' the thought of putting slot machines at New York Racing Association tracks, casino mogul Donald Trump has joined in on the growing chorus of NYRA critics.
The charges and countercharges battle between the New York Racing Association and New York Attorney General Eliot Spitzer continued June 24, with NYRA charging the state's chief law enforcement agent "does not understand NYRA's operations," and that he made "no attempt" to make his damaging report balanced.