UPDATE: State meets obligation to NYRA; Legislature OK's advance

[freddymo]

Originally Posted by Kasept

Because the state made the commitment to provide any short-term funding support if the AQU VLT parlor was not up and running by September of last year. The bridge funding will be recouped by the state out of VLT revenues. There is no special pound of flesh involved in this. The state put the onus on itself.

NYRA isn't 'seeking' this funding out of some surprise shortfall they didn't anticipate. This was going to happen if the VLT's weren't in place... EVERYONE knew that. If the mainstream media had a clue and reported the story accurately, no one would question why the transaction is necessary.

So NYRA told the State in advance that there plan for operating in 08-10 would fail to be cash flow positive and as such the state said don't worry about it you keep losing money and will fund it because you told us so..Is that the way it happened if so the idiots polictians that said that they would bankroll a flawed business should be arrested.

Come on first NYRA is getting money and the horrendous publicity they continue to spew is madding.. HI fans and gamblers we are going out of business after are biggest purse day of the year and if you want to deposit money in your NYRA account please dail 1800 BIG AVLT. How the heck do you run a business promoting its life and joy in one breathe and telling your fans and customers its dying on the other. Why are the publizing all this negative stuff with such vigor? I really hope NYRA gets to operate and be successful!! This stuff just is foolish

[Cannon Shell]

Originally Posted by freddymo

So NYRA told the State in advance that there plan for operating in 08-10 would fail to be cash flow positive and as such the state said don't worry about it you keep losing money and will fund it because you told us so..Is that the way it happened if so the idiots polictians that said that they would bankroll a flawed business should be arrested.

Come on first NYRA is getting money and the horrendous publicity they continue to spew is madding.. HI fans and gamblers we are going out of business after are biggest purse day of the year and if you want to deposit money in your NYRA account please dail 1800 BIG AVLT. How the heck do you run a business promoting its life and joy in one breathe and telling your fans and customers its dying on the other. Why are the publizing all this negative stuff with such vigor? I really hope NYRA gets to operate and be successful!! This stuff just is foolish

Freddy the flaw is the states control over NYRA's ability to proceed with its VLT plans for 9 years and its harrassment and politically motivated campaign against it over the last 7 years. The other flaw is the state run entity NYCOTB failing to pay NYRA the money it legally owes them. If NYRA could simply sue NYCOTB and/or shut off the signal to them that problem would have been solved years ago. The state made the deal with its eyes wide open. What exactly is NYRA supposed to do? Say things are peachy?

[freddymo]

The thought that NYRA is any different than other sadly underfunded and ignored State obligations is flawed.. I want NYRA to succeed I dont want them to fail. I want great racing in NY but that isnt the point. I understand your points and agree NYRA is in a bad place. You still need to be able to run a product on its on merits and not on the possiblity of VLT's.
BTW I find it interesting that 2 of the most successful african american businessmen in the world are 2 of the 5 potential bidders. You think it is going to be easy for any of these potential bidders to get 400 mil to the State in a snap. What happens if the ecnomy takes another shiit in 9 months and the process continues to be delayed.. NYRA just keeps on coming to the State?

[Cannon Shell]

Originally Posted by freddymo

The thought that NYRA is any different than other sadly underfunded and ignored State obligations is flawed.. I want NYRA to succeed I dont want them to fail. I want great racing in NY but that isn't the point. I understand your points and agree NYRA is in a bad place. You still need to be able to run a product on its on merits and not on the possibility of VLT's.
BTW I find it interesting that 2 of the most successful african american businessmen in the world are 2 of the 5 potential bidders. You think it is going to be easy for any of these potential bidders to get 400 mil to the State in a snap. What happens if the ecnomy takes another shiit in 9 months and the process continues to be delayed.. NYRA just keeps on coming to the State?

That isnt true. NYRA has provided tremendous revenue streams to the state and deeded them 1 billion dollars worth of land. That makes them a whole lot different.

Despite the evidence to the contrary you and many others refuse to see that VLT's ARE are a piece of it's "merits". The state passed a law in 2001 allowing specific business to have these things. NYRA is one of those businesses. It's competition (both in state and out of state) has VLT's. That makes it a valid issue. And you cant just ignore the fact that NYCOTB refuses to pay. That is a significant amount of money to lose.

[freddymo]

Originally Posted by Cannon Shell

That isnt true. NYRA has provided tremendous revenue streams to the state and deeded them 1 billion dollars worth of land. That makes them a whole lot different.

Despite the evidence to the contrary you and many others refuse to see that VLT's ARE are a piece of it's "merits". The state passed a law in 2001 allowing specific business to have these things. NYRA is one of those businesses. It's competition (both in state and out of state) has VLT's. That makes it a valid issue. And you cant just ignore the fact that NYCOTB refuses to pay. That is a significant amount of money to lose.

2001 is forever ago. You have to let this go quoting 2001 laws that have not been implemented is crazy. The world has changed so much since what was passed in 2001. What good is saying abortion is legal if nobody got one for 10 years because of one thing or another?

BTW NYRA didnt give the government a PENNY gamblers did all NYRA did was oversee the transfer from pocket A to pocket B... Giving them a bunch of credit for there horrible operations 9 years ago is invalid.. The current guys have been ok but lets not forget just how sorted NYRA PAST is!

[Cannon Shell]

Originally Posted by freddymo

2001 is forever ago. You have to let this go quoting 2001 laws that have not been implemented is crazy. The world has changed so much since what was passed in 2001. What good is saying abortion is legal if nobody got one for 10 years because of one thing or another?

BTW NYRA didnt give the government a PENNY gamblers did all NYRA did was oversee the transfer from pocket A to pocket B... Giving them a bunch of credit for there horrible operations 9 years ago is invalid.. The current guys have been ok but lets not forget just how sorted NYRA PAST is!

Stop mixing meds. The law is the law period. The law HAS been implemented in the state yet NYRA has been prohibited from implementing VLT BECAUSE of the action of the state. That is not my opinion, it is the facts. NYRA operated a business for 1/2 a century that has poured billions of dollars into the state coffers. Another fact. Giving credit or assigning blame to NYRA or its management is a moot point. The state has created this mess and done a huge disservice to the people of the state of NY. Now they want to not live up to its commitment. Sure Freddy, its all that bad management at NYRA that has caused the state of NY to elect morons.

[freddymo]

Originally Posted by Cannon Shell

Stop mixing meds. The law is the law period. The law HAS been implemented in the state yet NYRA has been prohibited from implementing VLT BECAUSE of the action of the state. That is not my opinion, it is the facts. NYRA operated a business for 1/2 a century that has poured billions of dollars into the state coffers. Another fact. Giving credit or assigning blame to NYRA or its management is a moot point. The state has created this mess and done a huge disservice to the people of the state of NY. Now they want to not live up to its commitment. Sure Freddy, its all that bad management at NYRA that has caused the state of NY to elect morons.

The Highway Authority has operated a business that has poured money to the state. You know the guys that take the toll money. I havent blamed the current NYRA managemment once. The states in trouble that means NYRA is in trouble period. BTW laws get chaged all the time..Look NYRA will get the hand out they are requesting. I never thought for a minute they wouldnt..It is sad to see the negative "we are goiing out of business" publicity

[pointman]

Originally Posted by freddymo

The thought that NYRA is any different than other sadly underfunded and ignored State obligations is flawed.. I want NYRA to succeed I dont want them to fail. I want great racing in NY but that isnt the point. I understand your points and agree NYRA is in a bad place. You still need to be able to run a product on its on merits and not on the possiblity of VLT's.
BTW I find it interesting that 2 of the most successful african american businessmen in the world are 2 of the 5 potential bidders. You think it is going to be easy for any of these potential bidders to get 400 mil to the State in a snap. What happens if the ecnomy takes another shiit in 9 months and the process continues to be delayed.. NYRA just keeps on coming to the State?

If NYRA was being paid by OTB they would not be asking for this money, they are only asking for the amount of money owed to them by OTB which indicates to me that NYRA can be self sufficient. As Chuck pointed out, NYRA would ordinarily just cut off the signal to NYC OTB, but they can't under NY State law

As for your other point, I haven't heard Yonkers or Saratoga harness asking for any money from the State and they make a fraction of what NYRA does off of betting pools. I seriously doubt that NYRA will need anything from the State once the casino is running, it is hard to believe that a casino will fail in Ozone Park, New York.

[freddymo]

Originally Posted by pointman

If NYRA was being paid by OTB they would not be asking for this money, they are only asking for the amount of money owed to them by OTB which indicates to me that NYRA can be self sufficient. As Chuck pointed out, NYRA would ordinarily just cut off the signal to NYC OTB, but they can't under NY State law

As for your other point, I haven't heard Yonkers or Saratoga harness asking for any money from the State and they make a fraction of what NYRA does off of betting pools. I seriously doubt that NYRA will need anything from the State once the casino is running, it is hard to believe that a casino will fail in Ozone Park, New York.

So you repping that NYRA's business model without VLT's is viable? You are right Ozone Park will support people getting wied out very well. Again I would love NYRA to do well. I wished they ripped out 75 dates and concentrated the purse money but they were beaten to the punch. Sunday's card is unbettable even if MP wasnt running a terrific card.