NYRA increases purses

Originally Posted by Cannon Shell

http://www.thoroughbredtimes.com/nat...ough-fall.aspx

Not bad for a bankrupt, community insensitive bunch.

Who is paying for that the same taxpayers that bailed them out of their bankruptcy? Just keep raising the purses because it isn't like NYRA is going to have to pay for anything when they are filing for bankruptcy again next year. LOL

[parsixfarms]

The purses are contractual payments due to the horsemen based on the handle generated on NYRA races. They have nothing to do with the NYRA bankruptcy.

Originally Posted by parsixfarms

The purses are contractual payments due to the horsemen based on the handle generated on NYRA races. They have nothing to do with the NYRA bankruptcy.

I am well aware of how it works. It is just hilarious how NYRA loses millions every single year. I wonder where all that money goes. LOL What is even funnier will be when the slots get in and bring in millions and NYRA is still filing for bankruptcy. I am sure those ticket punchers will keep bringing in their $20hr though. We all know what a difficult job that is. LOL

[parsixfarms]

Originally Posted by Benevolus

I am well aware of how it works.

You'd never know it from your posts.

Originally Posted by parsixfarms

You'd never know it from your posts.

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.

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

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.

[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 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 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.

[reese]

Originally Posted by parsixfarms

You'd never know it from your posts.

So true. Sounds like a dolt to me.