Tom Precious

  • NYRA Hopes to Receive Additional $20 Million Soon

    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.

  • New York Panel Schedules Public Hearings

    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.

  • New York Gov. George Pataki

    Pataki Offers Last-Ditch Plan to Assist NYRA

    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 Senate Majority Leader Joseph Bruno

    New York Lawmaker Calls for Creation of Fund to Help NYRA

    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.

  • NY racing board upholds Pletcher suspension.

    New York Upholds 45-Day Suspension for Pletcher

    Trainer Todd Pletcher, who recently set a single-season record for earnings, was suspended for 45 days by New York regulators Dec. 15 for a banned substance found in one of his horses that raced a year ago at Saratoga.

  • Report: New York Must Overhaul Racing Laws

    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.

  • Hevesi questions agency spending practices.

    State Audit Details Questionable Spending at Capital Investment Fund

    The former chairman of the now-defunct New York State Thoroughbred Capital Investment Fund tapped into the agency's budget to foot expenses for a bed and breakfast and Mexican restaurant he owned, while CIF funds were used to pay for such personal items as overnight mailings to watch repair stores, gasoline and entertainment, New York State Comptroller Alan Hevesi said in an audit released Dec. 5.

  • Sotheby's Suspends Sale of NY Equine Art

    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.

  • Catalogue cover for Sotheby's sale featuring artwork owned by NYRA.

    State Says NYRA Artwork Not Approved for Sale

    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.

  • NYRA Ripped for Bypassing State Oversight Panel

    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.

  • NYRA Wants to Sell 80 Acres Near Aqueduct

    A secretive group trying to obtain the New York Racing Association franchise is raising concerns about NYRA's attempt to sell 80 acres of land near Aqueduct racetrack--land the group says may not be owned by NYRA.

  • Federal Prosecutors Drop Case Against NYRA

    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.

  • Neil Getnick, federal monitor assigned to NYRA.

    Monitor's Comments Indicate NYRA May Be Cleared

    The New York Racing Association has made significant strides to improve its operations and to bolster the integrity of the racing industry, according to the federal monitor assigned to oversee NYRA during its deferred prosecution period.

  • Officials Knock Heads Over Racing Franchise

    The battle over the franchise to run three New York racetracks got off to an unofficial start Aug. 2 when officials with the New York Racing Association and Magna Entertainment Corp. sparred during an Albany Law School symposium.

  • Pataki Sees 'Significant NYRA Reform' in Deal

    The New York Racing Association will be placed under the watchful eye of a state oversight panel, Gov. George Pataki announced June 23, while the bidding process for the rights to the franchise to operate NYRA's three tracks will be accelerated.

  • New York Gov. George Pataki.

    Pataki Proposal Would Speed Up NYRA Bidding Process

    The bidding process for the three-track franchise held by the New York Racing Association would be sharply accelerated and NYRA would come under new oversight by the state government under measures being pushed by Gov. George Pataki.

  • NYRA, MGM Finally Sign Contract

    The New York Racing Association and MGM Mirage announced June 16 that they have formally entered into a deal in which the Las Vegas gambling company will develop and manage a new video lottery terminal casino at NYRA's Aqueduct racetrack.

  • NYRA Pursues Video Lottery Revenue Pact

    New York Racing Association officials say they are rushing toward a new video lottery terminal revenue sharing deal with horsemen and breeders that would avoid the need for pending legislation at the state Capitol to reach a VLT agreement.

  • Cost of Aqueduct VLT Parlor Jumps to $170M

    The projected cost of building the long-planned video lottery terminal casino at Aqueduct has soared nearly 20% since it was first proposed several years ago, New York Racing Association officials said.

  • New York Gov. George Pataki.

    Pataki Approves VLT Bill More Beneficial to Tracks

    A measure to increase the share of video lottery terminal revenue for New York racetracks, as well as jump-start the long-stalled VLT casinos at Aqueduct and Yonkers Raceway, has been given final approval by Gov. George Pataki.

  • New York Lawmakers Approve VLT Changes

    The New York legislature has given final approval to a measure to increase the share of video lottery terminal revenue for racetracks, as well as jump-start the long-stalled VLT casinos at Aqueduct and Yonkers Raceway.

  • New York Legislators Push VLT Budget Measure

    The Republican-led Senate and Democratic-run Assembly in New York have introduced legislation to sweeten the pot for racetracks with video lottery terminals, though the measure restricts the amount of extra money that would go to Aqueduct and Yonkers Raceway compared to other tracks.

  • New York Lawmakers Said to Have VLT Deal

    Lawmakers in New York have agreed to repair a state law that has kept Aqueduct and Yonkers Raceway from opening their video lottery terminal casinos in a deal that will bring the state up to $1 billion in revenue each year.

  • New York VLT Bills Approved by Senate

    Seeking to prod along negotiations, the New York Senate approved two bills March 17 designed to open long-stalled video lottery terminal casinos at Aqueduct and Yonkers Raceway, believed to be New York's most lucrative racetracks for gaming.

  • Mixed Bag for New York Racing Proposals

    The New York Assembly has rejected proposals by Gov. George Pataki to create an oversight board to monitor the New York Racing Association, form a super-agency to oversee all aspects of gambling, and create eight additional video lottery terminal casinos.