NYRA Deal Passes NY Legislature
 

Newsday:
http://www.newsday.com/news/local/wi...,1620161.story

ALBANY, N.Y. - State officials say the New York Racing Association will continue to operate the Aqueduct, Belmont and Saratoga race tracks for another 25 years under a deal struck among political leaders in New York.

NYRA's board still has to approve the deal, which was confirmed by two state officials who spoke on condition of anonymity because the agreement hasn't been officially announced.

Under the tentative agreement, NYRA would get $105 million from the state to get out of bankruptcy and would agree to end its claim on the race track properties. NYRA has held the franchise since 1955.




Blood-Horse:
http://news.bloodhorse.com/viewstory.asp?id=43621

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 deal calls for NYRA to end its ownership land claims for Aqueduct, Belmont and Saratoga racetracks and, in return, get another exclusive franchise to continue running racing. A contentious issue over the governance of NYRA and who controls appointments to the NYRA board has been worked out, sources say.

State officials either were unavailable or declined immediate comment.

NYRA chairman Steven Duncker declined comment when asked about the deal as he emerged from a closed-door meeting at the Capitol with Assembly Speaker Sheldon Silver and as he and other top NYRA officials, including president Charles Hayward, headed down the hall to a meeting with Senate Majority Leader Joseph Bruno.

Nothing like playing a game of chicken..

NYRA
 

Glad the Tsuris is over.......

If only......but haven't we heard this before?

I'll believe it when I see it, but certainly hope it's true.

Sounds like more of Bruno's aids just trying to deflect attention from Bruno as a big part of the problem. Stuff like this gets "leaked" only on purpose and with Bruno's full approval. It's Bruno trying to make NYRA the "guilty party" if racing stops.

Tom Precious, Blood-Horse:

"NYRA chairman Steven Duncker declined comment when asked about the deal as he emerged from a closed-door meeting at the Capitol with Assembly Speaker Sheldon Silver and as he and other top NYRA officials, including president Charles Hayward, headed down the hall to a meeting with Senate Majority Leader Joseph Bruno.

After his meeting with Bruno, a smiling Duncker said the details of what negotiators have been working on will be presented possibly today to other NYRA board members."

Wouldn't be smiling or presenting to Trustees if the package wasn't what NYRA 'could live with'..

Smiling is an excellent thing!

Sounds like good news! Glad I decided to wait to the last minute drain my NYRA account...

I will do my part to fix OTB situation by putting as little as possible through thier windows.

DRF's Matt Hegarty, who was more guarded last week, with a cautiously optimistic interpretation of today's events:

http://www.drf.com/news/article/92245.html

Of course all we can do is hope for the best. One question that comes to mind is -- if a deal is reached, but not approved by the legislature, will NYRA agree and move forward? Under the right circumstances, I hope so; if all the details and specifics are agreed to, more than just an agreement in spirit.

Eric

Cancelled 2/13
 

They won't be racing today at the ''Big A''

Because it's a snow and rainfest. NYC was a mess last night.

I won't trust any agreement until it's signed, sealed, and delivered.

Details emerging.. Announcements due later today..


Tom Precious, B-H:
http://www.bloodhorse.com/viewstory_plain.asp?id=43626

New York state legislators are expected to approve a bill agreed to the morning of Wednesday, Feb. 13, giving the New York Racing Association a 25-year extension of its franchise to run Aqueduct, Belmont and Saratoga racetracks.

NYRA and state officials were expected to publicly unveil the deal later Wednesday, when it was also to be voted upon.

this at least is weather related... it's MISERABLE here today

I would guess that if there was a properly installed all weather surface the horse would be happily running today.

NYRA, legislature reach agreement
By MATT HEGARTY

http://www.drf.com/news/article/92248.html

The New York Racing Association and state legislative leaders have reached an agreement on a long-term extension to the association's franchise, averting a possible shutdown of racing at Aqueduct, according to officials involved in the negotiation.

The agreement, which would extend NYRA's franchise for 25 years in exchange for the state taking undisputed title to NYRA's three racetracks, was reached after two days of intense negotiations in Albany. A 190-page bill outlining the terms of the agreement was scheduled to go to the floor of the state legislature on Wednesday.

The agreement will bring to a close a tumultuous three-year battle over the fate of the franchise, which includes the right to operate Aqueduct, Belmont, Saratoga, and a yet-to-be-built casino at Aqueduct.

COMPLETE NY SENATE BILL:
http://assembly.state.ny.us/leg/?bn=A09998&sh=t

It's nice to see that Bruno was able to secure a spot on NYRA's board for an officer of the NY State OTB Corporation......a group that acts, despite their legislated raison d'etre, as a competitor of NYRA. How convenient and fair for them to be privy to the contracts that NYRA negotiates.

Did you want Bruno to give up without leaving a little slime trail?

According to bloodhorse.com , There will be some VLT money shared with harness tracks that have casinos. I know Tioga and Vernon Downs need help.

It's over..
 

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 legislation, which stalled for several hours in the Senate due to back-room jockeying on unrelated issues, was approved 92 to 40 in the Assembly and 39 to 17 in the Senate.

Precious/B-H:
http://news.bloodhorse.com/viewstory.asp?id=43626

Sad day in New York racing in my opinion. Writing off $120 million in bad debt-laughable. I am sure the people in New York who do not care about racing really appreciate their tax dollars being forgiven. And addition $105 million in direct aid. For a grand total of $205 million--this is hilarious. How on earth can you have confidence in a group who needs $225 million in order to operate.

“I don’t think we’ll be bailing them out anymore," said Assemblyman Gary Pretlow, chairman of the Assembly racing committee. This might be the most hilarious statement I have read in a really long time. I would wager my house that the NYRA will be back to the state in 5 years asking for money. The peple running NYRA have no clue what they are doing when it comes to a successful business model.

Are you talking about your math?

I know you only post to incite, as even you can't possibly be as stupid and uninformed as your posts indicate, but could you please start posting a warning on your posts that reading them might cause an excessive loss of brain cells.

Thanks I fixed it. This is what happens to people when they work for the NYRA or read about their abilities.

You don't have worry so much about New Yorkers and their tax dollars. You obviously didn't bother reading the legislation so you missed the part where the VLT operator will be paying the state that $105 million.

The state, former Gov. Pataki and Lottery Division head Jeff Perle should all just consider themselves lucky that NYRA did not push the conspiracy lawsuit they had lined up. Because they had a case...

Nice for the Moderator/Owner of the forum to insult his posters.

I have a question. Since NYRA no longer has a claim to the land, who gets the proceeds from the sale of the property at the Big A. It was in the NYRA Disclosure report issued last Novemeber. NYRA showed a gain of $15M from the sale of the land at the Big A. With this gain NYRA showed a projection for 2008 of a break even year. Without this gain NYRA's projections would now show a loss, of $15M. Nice start to a company coming out of Chapter 11.
Good luck to the residents of NY state when the 2nd bailout is needed.

Where is the insult?

That poster likes to start off his posts with an inaccuracy in an attempt to draw attention away from the rest of his BS.

Suddenly has an edit note on it that wasnt there earlier.

It was something about his intelligence.

I see no insult at all. I'd like to thank the NYRA for the anticipated VLT revenue flow that will help their brothers in Harness Racing. Especially Tioga Downs and Vernon Downs. Many jobs were saved and those local areas are thankful.

http://www.pressconnects.com/apps/pb...802140352/1001

People earn respect....and sometimes they earn disrespect.

If you don't approve of how Steve treats his guests here then feel free to pay for you own site.

why should he treat you any better or worse than us..steve holds back alot ..if he were to censor this site by his true feelings many of us would be gone.. i give him all the credit for NOT takeing things to hart and letting the people on here have a an opinion....

time till my banning...3 2 1 ..:eek:

No it wasn't. It was a rejoinder in the same vein that the NYRA discussion involving Whodey has had all along and simply challenged his knowledge of the full content in the debate. And minutes later when I was unhappy that I had written it, I yanked it.

It's pretty rare that I throw a haymaker around here.. And if I do I invariably think better of it.

Not trying to incite anything. I am voicing my opinion. I do not believe in gov't bailouts at all. If this new business model is such a great idea then why not just suspend the payments on the loan? Why do they have to forgive the $120 million. I also do not believe that the NYRA should be a not-for-profit entity. Red Cross, Salvation Army and charaties like those should be the only NFP--not a horse racing industry. I also would like to see the NYRA be more creative in cost cutting measures and money management. Time will tell---but in 5 years I predict they (NYRA) will be out of cash once again.

What about the $120 million that was forgiven?

What you are, among other things, is selective. You aren't viewing the entire picture, but instead choosing a very small piece, one that you don't understand at all, and harping on it to draw attention to yourself.

Without detailing the tax dollars that NYRA has brought to the State in the past, and explaining legislative hinderances that have encumbered NYRA while also detailing how other States ( like Kentucky for instance ) have aided the Thoroughbred industry through tax breaks, you are only telling a very small part of the story.

You also choose to completely ignore, as Steve alluded to, that NYRA was prevented from having slot machines by the very government that granted them to every other racetrack in the State. Had they been treated in the same manner, by the government, as all these other establishments, not only would these monies not be necessary, but the State of NY would have realized a great deal of other tax revenues. I don't hear you crying for the citizens of NY that were denied these dollars by the very government that you confusedly believe is handing out money to NYRA that you ignorantly compare to the Red Cross and Salvation Army.

Beyond this, you are making the usual simple minded mistake of lumping every leadership of NYRA together......as though the main people in charge today are the same as the different stewards NYRA has had in the past. This is a complete perversion of the truth. The existance of racing in NY State is of the utmost importance to the entire industry that many of us love and rely on for our livelihood. I defy you to tell me, specifically, which people you believe should be running racing in NY other than Steve Duncker and Charlie Hayward.

Would you not agree that it's a small price for the three pieces of real estate in Queens, Nassau County and Saratoga that NYRA turned over to the state yesterday?

As I wrote in an unpublished piece a few days ago, it's the best real estate deal the state of New York has engaged in since Peter Minuit bought Manhattan.

Being banned isn't so bad

Sincerely,

BannedMO