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 reported total net operating losses of $34.28 million in 2007. That figure is nearly double from 2006, when total net losses reached $17.83 million.
Premier Turf Club has added Keeneland content to its list of track offerings, building on a business model that has allowed the North Dakota-based advance deposit wagering entity to realize four-fold growth in handle in the last few months.
With the March 12 announcement of the resignation of New York Gov. Eliot Spitzer effective March 17, officials at the New York Racing Association said they don't anticipate his resignation would affect recent legislation that grants NYRA a new franchise. It could, however, impact other aspects of the franchise moving forward.
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.
HorseRacing TV began showing races from Aqueduct Feb. 21 after being granted the non-exclusive rights to provide the New York Racing Association circuit to its viewers as the result of an agreement reached in late December.
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.
The New York Racing Association has posted a notice on its Web site informing racing fans and its NYRA Rewards members of the possible shutdown of racing at Aqueduct as of Wednesday, Feb. 13.
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 tentative deal is within reach to give the New York Racing Association a 25-year franchise to run Aqueduct, Belmont Park, and Saratoga, legislative sources said Feb. 6, the same day NYRA indicated live racing at Aqueduct could end Feb. 14.
The New York Racing Association is working on putting a "contingency plan" in place should Aqueduct be forced to close Feb. 14, NYRA's president and chief executive Charles Hayward said Feb. 5.
With another deadline looming that could shut down racing at Aqueduct Feb. 14, rumors are circulating among horsemen that the New York Racing Association might not be willing to accept another temporary extension to keep racing going.
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 Thoroughbred Horsemen's Association released a statement Jan. 10 urging the state to address issues of importance to the 6,000 members of its group as negotiations continue on the long-term extension of the New York Racing Association franchise.
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.
The New York Racing Association has entered into a content exchange agreement with TrackNet Media Group for 2008, NYRA officials said Dec. 28. In addition, NYRA has new deals with TVG and Youbet.com for the upcoming year.
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.
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.
Peter Berube, vice president and general manager of Tampa Bay Downs, and Hal Handel, executive vice president and chief operating officer of the New York Racing Association (NYRA), have been appointed by the Thoroughbred Racing Associations of North America (TRA) to serve on the management committee of Equibase Company LLC
Keeneland Association and the New York Racing Association are collaborating on a project to preserve NYRA's film and video archives, which span more than 100 years of racing.
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.
Aqueduct's winterized inner track opens Nov. 28, but not without trepidation from horsemen concerning the future of New York Thoroughbred racing.
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.
Jockey Raul Rojas was sent to North Shore University Hospital Nov. 17 after his mount, Bully for Us, unseated the rider in Aqueduct's sixth race, a maiden event for New York-bred 2-year-olds.
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.
New York Racing Association officials met with racing officials from Delaware Park, Monmouth Park, Meadowlands, and Philadelphia Park Casino & Racetrack Oct. 31 to discuss issues of mutual interest.
The New York Racing Association has filed a Chapter 11 plan in which it plans to surrender a claim of ownership to Thoroughbred tracks in exchange for the right to run the facilities for the next 30 years.
Strong business trends continue on the New York Racing Association circuit with significant gains in purse, handle and attendance figures registered in the recently concluded 2007 Belmont Park Fall Championship meet.
Sona Mobile Holdings and the New York Racing Association have reached an agreement where the gaming and entertainment software company will provide the racetrack group a mobile wagering application, it was announced Oct. 16.
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.
The New York Racing Association will again raises purses, this time for the 45-day Aqueduct fall meet that begins Oct. 24 and runs through Dec. 30. Projected purses will be the highest in recent memory for the fall meet.
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.
People who live near Belmont Park got a chance to voice their opinions about the franchise to operate Thoroughbred racing at three tracks in New York.
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