NYRA increases purses

You want to know about NYRA, the 2005 report said it all. No accountability and an operating budget which is essentially just a slush fund. I do love the hundreds of thousand in fee stall space. I wonder whose pockets that money fell into. Basically the NY taxpayer paid so friends of NYRA could have free stalls.

New York Racing Association
Backstretch Operations
The New York Racing Association, Inc. (NYRA) is a not-for-profit organization franchised by New York State to conduct racing and pari-mutuel wagering at the State’s three major thoroughbred racetracks: Aqueduct, Belmont Park and Saratoga. Backstretch facilities at the three tracks provide horse barns and living quarters for the personnel who take care of the horses. We examined NYRA’s management and control of the costs associated with these backstretch operations.

We found that significant improvements were needed. For example, even though NYRA’s records indicated that its operating costs for backstretch operations totaled about $5 million annually, NYRA had not established a system to account for these costs. We had to perform a detailed review of NYRA’s general ledger accounts to develop an estimate for these costs. In the absence of an appropriate cost accounting system, the costs are less likely to be adequately controlled. We noted that, during the three years we audited, NYRA paid certain backstretch expenses totaling about $3 million that are reasonably the responsibility of horse owners and trainers, such as medical insurance for backstretch personnel, recreational expenses for horsemen’s staff, and the operating costs of an equine veterinary clinic.

We also found that NYRA did not always charge horsemen for the stall rental fees that were due. For example, in 2004 alone, we identified more than $300,000 in unbilled stable fees. NYRA is required to pay the State an annual franchise fee that is based on its expenses and revenues, and this fee may be reduced when NYRA incurs unnecessary expenses and fails to collect all due revenue. We recommended NYRA strengthen its controls over its backstretch operations.

For a complete copy of Report 2005-S-29 click here.
For a copy of the 90-day response click here.

[freddymo]

Originally Posted by Benevolus

I love that comeback. Another NYRA bootlicker. Since you know everything, please let me know where the operating costs for running the racetracks comes from. I am well aware of where it comes from. You seem to have no clue.

Since you seem to know everything, explain to me how the handle increases but NYRA continues to lose millions and needs to file for bankruptcy every year.

The whole situation is a joke... No other company can lose lose lose and steal be the darlings of there cronies..

Let's call a spade a spade you guys all have a bunch of friends in there and they like the comfy surroundings.

I am sure the people at NYRA are good people now that care about racing...BUT THEY ARE OPERATING A FAILING BUSINESS

[parsixfarms]

Originally Posted by Benevolus

Since you seem to know everything, explain to me how the handle increases but NYRA continues to lose millions and needs to file for bankruptcy every year.

Because more and more wagers, largely because of NYRA's inability to compete with rebate shops, are being placed off-track rather than on-track from which NYRA gets a much larger percentage. But, of course, you know that as well.

[freddymo]

Originally Posted by Benevolus

You want to know about NYRA, the 2005 report said it all. No accountability and an operating budget which is essentially just a slush fund. I do love the hundreds of thousand in fee stall space. I wonder whose pockets that money fell into. Basically the NY taxpayer paid so friends of NYRA could have free stalls.

New York Racing Association
Backstretch Operations
The New York Racing Association, Inc. (NYRA) is a not-for-profit organization franchised by New York State to conduct racing and pari-mutuel wagering at the State’s three major thoroughbred racetracks: Aqueduct, Belmont Park and Saratoga. Backstretch facilities at the three tracks provide horse barns and living quarters for the personnel who take care of the horses. We examined NYRA’s management and control of the costs associated with these backstretch operations.

We found that significant improvements were needed. For example, even though NYRA’s records indicated that its operating costs for backstretch operations totaled about $5 million annually, NYRA had not established a system to account for these costs. We had to perform a detailed review of NYRA’s general ledger accounts to develop an estimate for these costs. In the absence of an appropriate cost accounting system, the costs are less likely to be adequately controlled. We noted that, during the three years we audited, NYRA paid certain backstretch expenses totaling about $3 million that are reasonably the responsibility of horse owners and trainers, such as medical insurance for backstretch personnel, recreational expenses for horsemen’s staff, and the operating costs of an equine veterinary clinic.

We also found that NYRA did not always charge horsemen for the stall rental fees that were due. For example, in 2004 alone, we identified more than $300,000 in unbilled stable fees. NYRA is required to pay the State an annual franchise fee that is based on its expenses and revenues, and this fee may be reduced when NYRA incurs unnecessary expenses and fails to collect all due revenue. We recommended NYRA strengthen its controls over its backstretch operations.

For a complete copy of Report 2005-S-29 click here.
For a copy of the 90-day response click here.

Why be accountible just come to work when you please buy stuff when you want from who you want charge some folks and others ride free and blame no slot money for your mistakes... Oh and if you make a mistake just file for bankruptcy protection.

[freddymo]

Originally Posted by parsixfarms

Because more and more wagers, largely because of NYRA's inability to compete with rebate shops, are being placed off-track rather than on-track from which NYRA gets a much larger percentage. But, of course, you know that as well.

Why can't they compete and if they cant GET OUT or find somebody who can develop a model which works not JERKS

[parsixfarms]

As if horsemen don't have a hard enough time paying the bills, you're now proposing that NYRA should be charging owners and trainers for stalls at the track. Aside from Payson Park and Palm Meadows, please identify one other track that requires such payments.

Originally Posted by parsixfarms

Because more and more wagers, largely because of NYRA's inability to compete with rebate shops, are being placed off-track rather than on-track from which NYRA gets a much larger percentage. But, of course, you know that as well.

You don't get it so I will explain it to you. The entire business depends on handle which equal purses. NYRA loses money because they are incompetent. As long as purses increase they are always going to have horseman running their horses there. As long as horses are running there NYRA should be making money, but instead they do things like give away $300,000 if free stall space and other contracts because they are idiots. They give away things like contracts and pay workers ridiculously high wages because they take care of friends. That is why they lose money.

As long as the purses are good the horses will come. The purses will always be good because of the handle. NYRA just doesn't want to run things like a business, they want to run it like the government and give things away to friends and let taxpayers pay for it.

[parsixfarms]

Originally Posted by freddymo

Why can't they compete and if they cant GET OUT or find somebody who can develop a model which works not JERKS

Because the NYSRWB will not let them do rebate programs at the level that they would like, because of opposition from the OTBs.

[freddymo]

Ya think they would take care of their buddies? Why not tax payers will pay..

Originally Posted by parsixfarms

As if horsemen don't have a hard enough time paying the bills, you're now proposing that NYRA should be charging owners and trainers for stalls at the track. Aside from Payson Park and Palm Meadows, please identify one other track that requires such payments.

So you suggest the taxpayer should pay the costs by bailing NYRA out of bankruptcy so the Phipps and other owners don't have a higher dayrate? If horseman can't pay their bills then go find another job. This is a business. I think it is great to squeeze the taxpayer to pay for NYRA's bankruptcy so that rich people can have a hobby. If horseman can't make it then raise their rates.

Give me a break. This is why gambling should always be a for-profit, not a non-profit.

[SentToStud]

Originally Posted by Benevolus

You want to know about NYRA, the 2005 report said it all. No accountability and an operating budget which is essentially just a slush fund. I do love the hundreds of thousand in fee stall space. I wonder whose pockets that money fell into. Basically the NY taxpayer paid so friends of NYRA could have free stalls.

New York Racing Association
Backstretch Operations
The New York Racing Association, Inc. (NYRA) is a not-for-profit organization franchised by New York State to conduct racing and pari-mutuel wagering at the State’s three major thoroughbred racetracks: Aqueduct, Belmont Park and Saratoga. Backstretch facilities at the three tracks provide horse barns and living quarters for the personnel who take care of the horses. We examined NYRA’s management and control of the costs associated with these backstretch operations.

We found that significant improvements were needed. For example, even though NYRA’s records indicated that its operating costs for backstretch operations totaled about $5 million annually, NYRA had not established a system to account for these costs. We had to perform a detailed review of NYRA’s general ledger accounts to develop an estimate for these costs. In the absence of an appropriate cost accounting system, the costs are less likely to be adequately controlled. We noted that, during the three years we audited, NYRA paid certain backstretch expenses totaling about $3 million that are reasonably the responsibility of horse owners and trainers, such as medical insurance for backstretch personnel, recreational expenses for horsemen’s staff, and the operating costs of an equine veterinary clinic.

We also found that NYRA did not always charge horsemen for the stall rental fees that were due. For example, in 2004 alone, we identified more than $300,000 in unbilled stable fees. NYRA is required to pay the State an annual franchise fee that is based on its expenses and revenues, and this fee may be reduced when NYRA incurs unnecessary expenses and fails to collect all due revenue. We recommended NYRA strengthen its controls over its backstretch operations.

For a complete copy of Report 2005-S-29 click here.
For a copy of the 90-day response click here.

Is that report authored under Alan Hevesi, the state controller who resigned in lieu of indictment for having state employees drive and run errands for his wife?

Politicians' friends running racetracks which handle over $1 Billion a year. That's quite a recipe no matter who is running it moving forward.

How do I get a slice of this pie?

[freddymo]

Originally Posted by parsixfarms

Because the NYSRWB will not let them do rebate programs at the level that they would like, because of opposition from the OTBs.

Oh so now we are back to the state screwing the NYRA..

BTW is NYRA needs money whats the big deal with charging for stall space? If you are bankrupt and need money you had better start finding additional revenue from somewhere. Or should the tax payers just pay?

I will really bad for weathy owners having to pay 100 a month for a stall

Originally Posted by freddymo

Oh so now we are back to the state screwing the NYRA..

BTW is NYRA needs money whats the big deal with charging for stall space? If you are bankrupt and need money you had better start finding additional revenue from somewhere. Or should the tax payers just pay?

I will really bad for weathy owners having to pay 100 a month for a stall

No wealthy owners shouldn't have to pay that extra $5/day in dayrate. We all know horse ownership is a right of all americans and they shouldn't have to pay for it all. Let the middle-class pay for it with higher taxes. LOL

NYRA is a joke. Always has been, but that is what you get when you essentially have zero accountability. I can't wait for NYRA to pull out the "we are doing it for the children and education" or some lame pr stunt.

[parsixfarms]

The costs of racing here in NY are already higher than other locales. If you raise the cost of doing business, the horsemen will take their horses elsewhere, and you can enjoy betting on small fields. Besides, most horsemen and owners are not the "wealthy" individuals you make them out to be.

[freddymo]

Originally Posted by parsixfarms

The costs of racing here in NY are already higher than other locales. If you raise the cost of doing business, the horsemen will take their horses elsewhere, and you can enjoy betting on small fields. Besides, most horsemen and owners are not the "wealthy" individuals you make them out to be.

Your kidding right? Maybe your right maybe NYBreds mdn claiming 25's should race at Finger lakes...Maybe racing in NY should be 4 days a week...maybe the poor poor horse horsesman that spend 50k on a NY bred Freud or Precise End we should have a benefit for them.. You know what if you can't make a living trainering 5 claimers in NY MOVE

[parsixfarms]

I thought that this board was for people who were fans of racing. You seem to have such disdain for everyone involved in the business. Why are you here?

[freddymo]

I love racing I have NO disdain for racing at all. But come on with the poor owners routine. There is no such thing. If you can afford a race horse you can afford alot. The NYRA is a joke but I absolutely LOVE racing and horses.

[parsixfarms]

I'll take your word for it on your love of racing. I guess I'm coming from the viewpoint that NY, through its high parimutuel taxes and parisitic OTBs, is doing its best to try to prevent racing (forget about NYRA) from competing on a level playing field with other gambling enterprises (compare horse racing's takeout to the house's advantage at a casino), so I'm tired of the "we poor taxpayers are constantly bailing NYRA out" routine recently advanced by members of the NYS Senate.

Let's put it this way. Up here in Malta, the state has pledged over $1 billion dollars to build a plant that may - and I emphasize MAY - allow a Texas company to employ a couple of hundred workers. Meanwhile, the politicians seem hell-bent on playing games with a horse racing industry that employs over 40,000 New Yorkers. Even assuming that we don't fix the broken model (which everyone at the earliest stages of the franchise process agreed was broken), and the track operator needs a $20 million per year subsidy to ensure that those persons dependent on the industry remain in their jobs, that's far less than the state already takes out of the game, so I fail to see how the taxpayers are harmed in all this. And let's keep in mind that the numbers were talking about do not account at all for the income taxes that those working in the horse industry pay into the state coffers.

[sumitas]

Does anyone hear that giant SUCKING sound ? That's the sound of the money the for profits would suck out of NY racing and into their own accounts out of state. Forget money for increased purses, increased profits are all that matters to robber barons.

[SentToStud]

Originally Posted by sumitas

Does anyone hear that giant SUCKING sound ? That's the sound of the money the for profits would suck out of NY racing and into their own accounts out of state. Forget money for increased purses, increased profits are all that matters to robber barons.

lol. Fidel Castro should run NYRA?