Stymied in recent efforts to enter the New York racing market, Magna Entertainment is still highly interested in moving its way into the lucrative betting state, the company's president said Aug. 6.
On the sales block just a year ago, New York City Off-Track Betting Corp. is shedding its fire-sale image and moving ahead with plans to bring back bettors and forge new ties with racetracks, its new president said.
An influential breeder in New York, embroiled in a dispute with a neighbor, has successfully pushed through a measure to ban the setting off of fireworks near breeding farms.
The New York Racing Association should know by the end of the week of June 24 if it will receive about $100 million in new loans for a major capital program at its three racetracks, the head of the racing organization said.
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.
Citibank, the nation's largest credit card company, is beginning a new system to block customers from using their plastic to make online wagers, New York attorney general Eliot Spitzer said June 14. The impact on companies that offer pari-mutuel wagering remains to be seen.
Racetracks in New York have launched a last-ditch effort to extend the operating hours of the state's new video lottery program. The tracks insist they need to let gamblers stay at their facilities longer if they are to turn a profit.
A senior adviser to New York Gov. George Pataki is joining the New York Racing Association as its new general counsel, officials said June 12.
Off-track betting corporations in New York, still upset about being cut out of last fall's major gambling expansion in the state, are making an all-out push for new revenue.
A deal to extend the New York Racing Association's franchise to run three tracks in the state was approved May 16 by the Senate and Assembly as part of a state budget package. NYRA must have VLTs in operation at Aqueduct by April 1, 2003.
A deal to give New York racetracks a greater share of proceeds from video lottery terminals appears to be falling apart, according to state budget negotiators.
New York racetrack officials have angered some government budget negotiators with their push for a more lucrative video lottery terminal program.
State negotiators have agreed to pump more money into racetracks to help get New York's new video lottery terminal program up and running this year.
Three former New York Racing Association tellers who offered to launder money to undercover police posing as cocaine dealers pleaded guilty to multiple counts of attempted laundering and conspiracy that could land them lengthy prison sentences.
To end the "destructive competition" and bolster revenues for both entities, the New York City Off-Track Betting Corp. should be merged with the New York Racing Association to create a new industry powerhouse, NYRA chairman Barry Schwartz said.
Plans by the New York Racing Association to build a world-class gambling facility to house video lottery terminals at Aqueduct will have to be shelved because state regulators are requiring tracks to pay too much of the program's expenses.
State regulators in New York have approved a plan for 11,400 video lottery terminals at eight racetracks, but also appear to have dismissed the industry's demand for more help to make alternative gaming profitable.
Permission has been granted for the first time ever in New York for an off-track betting corporation to run a racetrack. After years of battling industry opposition and eventually paying hundreds of thousands of dollars to make the critics go away, Western Regional Off Track Betting Corp. was given approval by state regulators Feb. 27 to reopen Batavia Downs.
The official who is running New York's new racetrack video lottery terminal program said tracks should not expect the state to help with additional funds to cover the costs for installing and operating the VLTs.
Despite plans by the new mayor of New York City to delay the sale of New York City Off-Track Betting Corp., the head of the New York Racing Association said he will make a new pitch to purchase the lucrative corporation.
The new mayor of New York did not include the sale of the New York City Off Track Betting Corp. in his city budget for the coming year, but he is keeping his options open next year.
Video lottery terminals will be coming to Saratoga Springs following approval Wednesday evening by local officials of a resolution permitting the devices at a Standardbred track located just down the road from the New York Racing Association's premier flat track.
A lawsuit is being filed Jan. 29 in the state Supreme Court challenging New York's sweeping gambling legislation that permits most racetracks across to install video lottery terminals.
The new mayor of New York City left open the prospect that he may still proceed with the sale of New York City Off-Track Betting Corp., a deal some of his aides are pushing him to make to raise money for the deficit-ridden city. But whether he will proceed with the sale of the $1-billion betting empire that was begun by his predecessor, Rudolph Giuliani, remains a question.
As racetracks continued to insist they can't make money off New York's new video lottery terminal program, Gov.George Pataki released a state budget proposal that for the first time projects revenue for government from the gambling devices.
The New York Racing Association has submitted plans to state regulators to build a 100,000 square-foot, video lottery terminal area at Aqueduct racetrack, but the chairman of NYRA says the proposal won't work unless the state revises its new video lottery terminal law to give tracks more help with expenses.
An upstate New York law school is beginning a new center to study racing and wagering issues, and officials hope it will be in the forefront of tackling various policy issues. The Albany Law School has hired Bennett Liebman, a former state racing and wagering board member, to head its new Program on Racing and Wagering.
Video lottery terminals, despite the objection of the New York Racing Association, have taken a key step closer to coming to a Saratoga Springs harness track.
Other tracks in New York have joined the New York Racing Association in condemning aspects of the state's new law that authorizes video lottery terminals. They claim state government is forcing them to pick up too many of the costs of the program.
A federal appeals court has upheld the ability of regulators in New York to conduct unannounced searches of racetracks without warrants to investigate illegal equine drug use and other activities that may affect the integrity of racing in the state. But the 2nd Circuit U.S. Court of Appeals said the investigators from the state Racing and Wagering Board went too far in 1997 when they also searched dormitories used by grooms at Yonkers Raceway
The video lottery terminals proposed for New York racetrack appear to be less of a good deal than was expected when a law that permits them was rushed through two months ago, the head of the New York Racing Association said.
- By Tom Precious
The video lottery terminals proposed for New York racetrack appear to be less of a good deal than when a law that permits them was rushed through two months ago, the head of the New York Racing Association said.
The head of the government panel that will decide the fate of whether video lottery terminals will come to Saratoga Springs said officials have no plans to linger over the controversial matter.
Casino gambling in the Catskill Mountains of New York took a major step forward with the signing of an agreement between an Indian tribe and the world's largest casino company to manage a sprawling betting resort.
As a new, sweeping gambling package was signed into law in New York, forces were already lining up for a potentially nasty battle over whether to permit video lottery terminals in Saratoga Springs, the state's healthiest Thoroughbred community.
Officials in New York gave final approval early this morning to a historic gambling package giving most racetracks video lottery terminals, allowing up to six Indian-owned casinos in Western New York and the Catskills and expanding the state's lottery offerings.
- By Tom Precious
Officials in New York are closing in on a historic gambling package that would give some racetracks video lottery terminals, permit up to six Indian-owned casinos in western New York and the Catskill Mountains, and expand the
state's lottery offerings.
New York Mayor Rudolph Giuliani is urging state lawmakers and the governor to approve his plan to sell the New York City Off-Track Betting Corp. to a Magna Entertainment-led consortium as a way to raise much-needed revenues in the aftermath of the Sept. 11 terrorist attacks.
All of the off-track betting corporations in New York confirmed Friday they will not take the signal from Keeneland effective Friday, the Lexington track's opening day. The decision is tied to a reduction in takeout at Keeneland, the impact it could have on the bottom line of outlets that take the signal.
The New York Racing Association, apparently seeking to cover its bases in its fight to block the sale of the New York City Off-Track Betting Corp. to a consortium headed by Magna Entertainment, has lured away a top executive from a Magna-owned racetrack.
Sweeping proposals for new gambling ventures in New York have moved far off the table in the aftermath of the Sept. 11 terrorist attack on the World Trade Center in Manhattan.
The chairman of the New York Racing Association said Saturday he would welcome video lottery terminals at Aqueduct Raceway, but insists the state's ailing Standardbred tracks should also be included in any VLT proposal now being eyed by state officials.
New York Gov. George Pataki is quietly floating a plan to permit video lottery terminals only at Aqueduct racetrack on an experimental basis, sources at the state capital said. The plan is said to ignore the Standardbred industry, which has lobbied hard for VLTs.
Setting the stage for a nasty battle between two racing giants, New York City Mayor Rudolph Giuliani Thursday afternoon tapped a group led by Frank Stronach's Magna Entertainment over the New York Racing Association as the winning buyer of the lucrative New York City Off Track Betting Corp.
Four New York Racing Association employees have been indicted as part of a probe by state investigators into an alleged money laundering operation. New York City Mayor Rudolph Giuliani cancelled an 11 a.m. news conference at which he was to announce a group led by Magna Entertainment had won the purchase rights to the New York City Off Track Betting Corp.
A first round of indictments involving allegations of criminal activity at betting window operations at New York Racing Association tracks is expected today, sources said Wednesday. Also Thursday, the winning bidder for New York City Off-Track Betting Corp. is expected to be announced.
Legislation lowering the takeout at the New York Racing Association's tracks has been signed into law by Governor George Pataki.
New York's top Democrat in the state Legislature said New York City Mayor Rudolph Giuliani has told him the city government is inclined to sell its massive off track betting operation to a consortium of racing interests headed by Magna Entertainment.
New York City Off-Track Betting Corp. falling into the hands of a consortium led by Magna Entertainment would be "an affront" to the entire racing industry, the head of the New York Racing Association charged.
The longest-serving member of New York's racing regulatory agency is stepping down, sources in state government say. Joseph Neglia, first appointed to the New York State Racing and Wagering Board in 1984, is retiring from his post.
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