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Originally Posted by theiman
Nice projections done by NYRA(without an opinion by an accounting firm?).
$275 a VLT machine is realistic for 2009, then in 3 years, 2012 they are up to $503 per machine? Based on what? How many Racinos do that number?
Ballpark they say the slots will go up by 80% from 2009 to 2012?
Now the good part
If you take out the "projected" VLT revenue for each year NYRA's racing operations are as follows: All #'s rounded for simplicity.
2009 Net revenue $120M Total Expenses $164M a loss of Approx $44M
2010 Net revenue $124M Total Expenses $173M a loss of Approx $49M
2011 Net revenue $129M Total Expenses $177M a loss of Approx $48M
2012 Net revenue $130M Total Expenses $182M a loss of Approx $52M
The above Net revenue was determined by removing the VLT revenue listed on the disclosure statement projections that NYRA made(see page 45 of disclosure statement-or page 51 of the 69 page pdf attachment)
Perhaps this is a simplistic look and I would appreciate any others opinions on the above.
Financing--Well since they relinquish the right to any of the Building and Land there are no assets to secure financing for future loans, aka Another Albany Bailout.
The above were all made based on the opening of the VLT's on Jan 1st 2009, knowing NY construction projects, good luck.
Based on the above, Stronachs operations might be par for the course?
Good Luck to the taxpayers of NY State, I think they deserve better.
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NYRA is not in business to make money.. There is zero need or drive to do anything other then run racing in a reasonable manner and take care of all the cronies that support them.This model has lead to wide spread corruption and abuses in the past. I see no reason to believe the past is not a strong indication of the future.