NYRA Deal Passes NY Legislature

[Kasept]

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.

[zippyneedsawin]

Nothing like playing a game of chicken..

[asudevil]

Originally Posted by Kasept

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.

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

[pgiaco]

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

[Riot]

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

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.

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.

[Kasept]

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'..

[Riot]

Smiling is an excellent thing!

[Kasept]

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

[Alan07]

It turns NYRA into a not-for-profit corporation, ending its days as a non-profit entity, but includes a provision authorizing the state comptroller with power to audit its books. As a not-for-profit, NYRA will also come more directly under the oversight of the state attorney general’s office.

[whodey17]

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.

[SniperSB23]

Originally Posted by whodey17

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 $205 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?

[whodey17]

Originally Posted by SniperSB23

Are you talking about your math?

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

[blackthroatedwind]

Originally Posted by whodey17

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 $205 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.

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.

[whodey17]

Originally Posted by blackthroatedwind

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.

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.

[blackthroatedwind]

Originally Posted by whodey17

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 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.

[freddymo]

Originally Posted by blackthroatedwind

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.

Yeah the State saved people millions of dollars in spite of themselves and lost some tax money that they would have to re dedicate to bailing out thousands of folks who lost their shirt.. Big Picture Sir...Don't micro process
How about you or Nader? Oh Nader's at HSBC private banking(good for him) running Sha Tin on Wednesday's great.

When a coach F's up at a major university the university and its teams take the hit. The point is NYRA never had to be accountable and people reasonably fear its continued lack of committment rational or not...

[whodey17]

Originally Posted by blackthroatedwind

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.

I need no attention at all. Again just voicing my opinion. The bottom line is that the NYRA knew the hand delt to them and they were unable to operate functionally within the framework. Blame what you want and who you want for the NYRA not being able to be self-sustaining. I agree with you that the state lost out on tax revenue from the slots (which was a bad idea). Steve Duncker and Charlie Hayward have proven to me (by example) that they are unable to run an orgainzation without the help from the state. However, I will give them a chance to prove me wrong since they have this new business model. But I will predict that you will blame the gov't when NYRA fails.

[Kasept]

Originally Posted by whodey17

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.

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...

[theiman]

Originally Posted by Kasept

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.

[estreetposse]

Where is the insult?