NYRA - The Bailout Check is in the mail

[Antitrust32]

Originally Posted by Revolution

It does? How does a group that runs tens of millions in the red contribute billions to the state coffers? I can't wait for this brilliant answer.

I dont know if you understand this, but the state taxes the total handle. Something like 3% of All the handle that NYRA see's goes to the state. That is a HUGE amount of money.

[Revolution]

Originally Posted by Antitrust32

I dont know if you understand this, but the state taxes the total handle. Something like 3% of All the handle that NYRA see's goes to the state. That is a HUGE amount of money.

So you are saying without NYRA horse racing is leaving NY? NYRA doesn't run a for profit and get taxed. They are a non-profit and they can't even break even.

Just to let you know, there is a parimutuel tax, and it isn't 3% of pools. In fact it contributes some ridiculously low amount of like $10 million to the state. In fact if you read any reports, state pari-mutuel tax revenues fell almost in half, from $18.6 million in 1997 to $9.9 million in 2001. I will try to find how little they contributed this year.