Negotiators are eyeing a plan to have the state of New York take over the running of New York City Off-Track Betting Corp., which is threatening to shut down this weekend unless a revenue sharing structure is changed.
New York Gov. David Paterson said all options â€" including a takeover by the state or the New York Racing Association -are on the table if a deal is not struck by this weekend (June 14-15) to keep open the New York City Off-Track Betting Corp.
A deal to keep New York City Off-Track Betting Corp. from shuttering could be at hand, according to the head of the state Assembly's racing committee.
With the clock ticking on the closure of the New York City Off-Track Betting Corp., officials from the Bloomberg administration are stepping up their calls for industry stakeholders to compromise on a bill or face the loss of more than $100 million in OTB distributions.
New York Gov. David Paterson sent mixed signals about reopening the deal giving the New York Racing Association a 25-year franchise extension to operate Aqueduct, Belmont, and Saratoga racetracks.
- By Tom Precious
New York Gov. David Paterson is sending mixed signals on whether he wanted to re-open talks with the New York Racing Association over its deal for a new franchise to operate Aqueduct, Belmont and Saratoga racetracks.
Racing industry groups have begun lining up to oppose a plan to permit the New York City Off Track Betting Corp. to lower its revenue sharing payments to tracks, breeding funds, and other entities.
State officials are working on a plan to help keep the New York City Off Track Betting Corp. from shutting by shaving up to 20% of revenue-sharing the OTB now makes to various entities, including the New York Racing Association, out-of-state tracks, and breeding programs.
A major commercial real estate developer said April 28 it has combined forces with the Hard Rock Entertainment hotel and restaurant chain in a bid with New York state to operate a video lottery terminal casino at Aqueduct.
Preliminary negotiations have begun at the state Capitol in Albany to address New York Mayor Michael Bloomberg's threat to shut down the New York City Off-Track Betting Corp. in June.
The New York Racing Association violated state law for its no-bid contract with a politically connected law firm, a New York state investigation has found.
The New York Racing Association, which has had to delay its emergence from Chapter 11 bankruptcy protection, was given another extension by the state to continue racing at its tracks.
Officials cautioned that a delay in the New York Racing Association emerging from Chapter 11 bankruptcy protection is not a sign of a larger problem for the deal giving NYRA a new 25-year franchise extension.
Legislation giving the New York Racing Association a 25-year extension of its exclusive Thoroughbred franchise was signed Feb. 19, Gov. Eliot Spitzer said. Meanwhile, the mayor of New York City reiterated that New York City Off-Track Betting Corp. can't continue under its current arrangement with the state.
The New York Racing Association, written off as dead a year ago by its competitors, has won the rights to a 25-year exclusive franchise to continue operating Aqueduct, Belmont, and Saratoga racetracks.
- By Tom Precious
The New York Racing Association will run racing for the next 25 years under legislation approved February 13 that provides hundreds of millions of dollars in direct aid and loan forgiveness to NYRA and new oversight abilities by the state.
The New York Racing Association, in control of Thoroughbred racing in the state since 1955, will continue to run racing under a deal that came together Feb. 12 at the state Capitol in Albany, government and industry sources say.
Negotiators on February 11 failed again to broker a new Thoroughbred franchise deal in New York, raising the chances that Aqueduct could go dark later this week.
While unveiling what he called the framework of a Thoroughbred franchise agreement, Senate Majority Leader Joseph Bruno blasted the New York Racing Association Feb. 7 for attempting to scare its workers and horsemen by threatening a shutdown Feb. 14.
A Republican-dominated state panel overseeing Thoroughbred racing in New York has curbed the ability of its new chairman to broker deals with the New York Racing Association. The chairman was appointed by Democrat Gov. Eliot Spitzer. The move came the same day Spitzer released his 2008 state budget plan, which includes revenue from a proposed casino at Belmont Park.
Negotiators in New York have agreed to another temporary extension to keep racing operating while talks continue on a longer-term franchise deal to operate Aqueduct, Belmont Park, and Saratoga, officials said Jan. 21.
Negotiators trying to reach a deal on a new Thoroughbred franchise in New York are still at an impasse, and now the talks have turned to approving another extension to permit the New York Racing Association to temporarily continue running racing.
The New York City Off-Track Betting Corp. will cease operations June 16 unless state officials provide regulatory relief before then, according to a Jan. 16 report to the corporation's board of directors.
The temporary extension given to the New York Racing Association to operate Aqueduct has allowed government officials to boost the rhetorical wars against each other over the failure to devise a long-term franchise deal.
Racing will continue to be run at Aqueduct on New Year's Day under an agreement reached Dec. 31, but government negotiators failed to resolve the permanent Thoroughbred franchise issue in New York.
Though state racing regulators failed to approve a temporary license for the New York Racing Association to continue racing in January while talks about a permanent franchise deal continue, NYRA struck a deal with the state to continue operating Aqueduct through Jan. 23.
- By Tom Precious
State racing regulators failed to approve a temporary license for the New York Racing Association to continue racing in January while talks about a permanent franchise deal continue.
With talks going down to the wire, the New York Racing Association has reached an agreement with a state government oversight panel to at least continue running racing on a brief, temporary basis.
The new head of a state government panel that will oversee Thoroughbred racing in New York Jan. 1, 2008, said he could not guarantee that horses will be running at Aqueduct in two weeks.
A state government panel in charge of overseeing the New York Racing Association's finances--and the racing franchise as of Jan. 1, 2008--has a new chairman at a critical moment in the franchise negotiations.
A state government panel Dec. 17 approved letting the New York Racing Association continue running racing on a temporary basis until officials can agree on a new franchise-holder for Aqueduct, Belmont Park, and Saratoga.
The New York Racing Association can agree to new performance benchmarks for its operations as part of a franchise extension deal, but state officials must be more flexible to take into account future changes in the racing industry that could affect those new standards, according to the president of NYRA.
Negotiations for a new Thoroughbred franchise in New York have progressed in the past several days, but the Republican-led Senate has refused to budge so far on several key points that could risk a shut-down of racing in less than three weeks, according to a top adviser to New York Gov. Eliot Spitzer.
With closed-door talks failing to produce a deal on a new Thoroughbred franchise in New York, state officials have begun discussing getting the framework of a deal in place before a Dec. 31 deadline with passage of an agreement by the legislature in early January.
With talks so far stalled on reaching a deal on a new Thoroughbred franchise holder, New York's top Republican in the Legislature blasted the operations of the New York Racing Association.
The New York Racing Association, whose annual deficits are "not reflective of operating in a sound and economical manner," underpaid the state of New York by $10.9 million in franchise fees from 2004 to 2005, according to a new audit by state comptroller Thomas DiNapoli.
- By Tom Precious
The New York Racing Association, whose annual deficits are ?not reflective of operating in a sound and economical manner,?? underpaid the state of New York by $10.9 million in franchise fees from 2004 to 2005, according to a new audit by state comptroller Thomas DiNapoli.
A federal bankruptcy court judge has paved the way for the New York Racing Association to emerge from Chapter 11 protection pending the outcome of a vote by creditors.
NYRA has submitted financial plans it anticipates a bankruptcy court will use to begin the process of ending its Chapter 11 protection.
The New York Racing Association is proposing to keep 17.5 acres of land adjacent to Aqueduct after it gives up it land claims to the state of New York, according to amendments filed to its Chapter 11 bankruptcy reorganization.
With a franchise expiration date of Dec. 31 fast approaching, it still remains very unclear who will be in control of Aqueduct, Belmont Park, and Saratoga in 2008 and beyond.
- By Tom Precious
Two days after a top lawmaker said he believes Gov. Eliot Spitzer has moved away from the idea of awarding the entire Thoroughbred racing franchise to the New York Racing Association, a plan is kicking around in Albany to split the three tracks among different entities.
The top Republican in the New York legislature, after months of pessimistic offerings, believes a deal on the state's Thoroughbred franchise could be struck before Thanksgiving if "productive" talks are successful.
The New York Racing Association can add the Internal Revenue Service to its list of obstacles, as the federal agency wants NYRA to pay it $1.6 billion to settle past tax bills.
The Spitzer administration is signaling it could be game for the opening of a casino at Belmont Park, despite its recent public plan that removed the track from the running for a gambling facility.
Woodbine Entertainment has dropped out of Empire Racing Associates, a week after the group bidding on the New York Racing Association's franchise lost several of its other major partners.
A new state corporation would be created to select new operators of New York's three-track Thoroughbred racing franchise under a plan by the Republican-led state Senate.
Seven entities have expressed interest in running a future video lottery terminal casino at Aqueduct, including several Indian-owned gambling companies, the Spitzer administration said Oct. 15.
A consortium of major horse industry companies vying for the Thoroughbred franchise in new York began falling apart Oct. 10, as Magna Entertainment and Churchill Downs announced their withdrawal from Empire Racing Associates.
- By Tom Precious
A consortium of major horse industry companies vying for the Thoroughbred franchise in New York began falling apart Oct. 10, as Magna Entertainment Corp., Churchill Downs Inc., and Delaware North announced their withdrawal from Empire Racing Associates.
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