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 state oversight panel said the New York Racing Association may have some fiscal tools in its arsenal to avoid insolvency in November.
More money was wagered in New York on out-of-state races than in-state races in 2003, the first time such a shift has occurred, according to a new report by the New York State Racing and Wagering Board.
The embattled New York Racing Association, currently fighting off blistering investigations by state authorities over its operations, discovered June 25 that nothing is a sure thing anymore.
Major changes are needed in state's pari-mutuel law to keep statutes in line with technological advances, New York's top racing regulator said Nov. 13 in the wake of the Breeders' Cup Ultra Pick 6 betting probe.
A series of racing laws in New York have been extended by state lawmakers, who failed, however, to act on several other items from an industry wish list involving video lottery terminals and off-track betting corporations.
Negotiations to permit the New York Racing Association to lower its pari-mutuel takeout, which NYRA believes will increase wagering, are close to a resolution, individuals involved in the talks said.
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