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.
An audit released by New York's chief fiscal watchdog is critical of how NYRA is handling major expenses on capital projects.
NYRA is under investigation for illegally maintaining a higher takeout rate on some exotic wagers for 15 months. The governor said his administration is working on a "reform package."
State investigators wasted little time launching a full-scale probe of the New York Racing Association.
The New York Racing Association is masking financial troubles and is not taking steps state auditors have urged in the past to right its fiscal condition, the state's chief fiscal watchdog said Jan. 24.
Just days after being praised by state officials for their fiscal openness, officials with the New York Racing Association were enduring a new round of criticism after revelations it had overcharged bettors on exotic wagers.
The New York Racing Association, which has a long tradition of clashing with state government officials, faces a new review of its books by the state's chief fiscal watchdog.
Nine years after first being approved, the last major hurdle for the Aqueduct video lottery terminal casino project was cleared Sept. 13 when the state's chief fiscal watchdog gave his approval for the project.
The financial health of off-track betting corporations in New York is "substantially" deteriorating, and policymakers must react by considering different options.
The New York Racing Association, as expected, backed down from its refusal to cooperate with a review of its finances by the state's chief fiscal watchdog.
The New York Racing Association, which says it will run out of money next year, will not open up its books to let New York's chief fiscal watchdog examine its operations to verify those claims.
Most Popular Stories
- Multiple Grade 1 Winner I'm a Chatterbox Retired
- Steve Haskin's Derby Dozen - April 25, 2017
- Private Zone Retired to Old Friends
- Orb Colt Grew Up, Brought $685,000 at OBS
- Three Chimneys Strikes Early for Orb Colt at $685,000
- McCraken Finishes Strong in Five-Furlong Move
- Romans Mulling Rider Options for J Boys Echo
- Nichols Canyon Connections Pointing for Iroquois Bonus
- Dodd's Tiznow Colt Attracts Attention at OBS
- Spending Time With New Trainer Kent Sweezey