A new state-controlled board of directors at the New York Racing Association held its first meeting Dec. 12, bringing the long-embattled racetrack operator to a new and uncertain place in its history that dates back to 1955.
An annual report released by a state government panel overseeing the New York Racing Association's finances reached an obvious conclusion: it's been a rough year for the organization.
Top state officials continued to pound the New York Racing Association, a day after regulators suggested its exclusive franchise to operate the state's major Thoroughbred tracks could be in jeopardy.
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.
When it was revealed last year that takeout rates on exotic wagers were not lowered as required by law, executives with the New York Racing Association said they were caught unaware of the problem.
The New York Racing Association took in $22.1 million in gross revenues during the first three months of the year from its new Aqueduct casino. But the question for NYRA is simple: will it last?
The administration of New York Gov. Andrew Cuomo has sent a letter to the New York Racing Association advising it to hire an investigator to analyze 15 fatal breakdowns that have occurred at Aqueduct since Nov. 30.
The New York Racing Association is proposing a plan to let it operate pari-mutuel wagering in an initial 10 bars and restaurants in New York City.
The New York Racing Association defended its advanced deposit wagering system Jan. 13, and said it welcomed a review by state regulators.
Genting New York is considering an initial expansion into a 70,000-square-foot area at Aqueduct Racetrack if the state legalizes additional forms of gambling, including table games.
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 head of the New York Racing Association said he made "a mistake" by not sharing details about management pay hikes with state oversight officials, but he defended the fiscal health of the association.
A day after citing concerns about a lack of fiscal transparency, a New York state panel has called for an investigation of the New York Racing Association.
- By Tom Precious
The New York Racing Association, which has long resisted revealing salaries of its top executives, has furnished the information to a top state regulator at a time it is warning of running out of cash later this summer.
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