NYRA Deal Passes NY Legislature

[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?

[blackthroatedwind]

Originally Posted by estreetposse

Where is the insult?

That poster likes to start off his posts with an inaccuracy in an attempt to draw attention away from the rest of his BS.

[sumitas]

I see no insult at all. I'd like to thank the NYRA for the anticipated VLT revenue flow that will help their brothers in Harness Racing. Especially Tioga Downs and Vernon Downs. Many jobs were saved and those local areas are thankful.

http://www.pressconnects.com/apps/pb...802140352/1001

[theiman]

Originally Posted by estreetposse

Where is the insult?

Suddenly has an edit note on it that wasnt there earlier.

It was something about his intelligence.

[Kasept]

Originally Posted by theiman

Suddenly has an edit note on it that wasnt there earlier.

It was something about his intelligence.

No it wasn't. It was a rejoinder in the same vein that the NYRA discussion involving Whodey has had all along and simply challenged his knowledge of the full content in the debate. And minutes later when I was unhappy that I had written it, I yanked it.

It's pretty rare that I throw a haymaker around here.. And if I do I invariably think better of it.

[theiman]

Originally Posted by Kasept

No it wasn't. It was a rejoinder in the same vein that the NYRA discussion involving Whodey has had all along and simply challenged his knowledge of the full content in the debate. And minutes later when I was unhappy that I had written it, I yanked it.

It's pretty rare that I throw a haymaker around here.. And if I do I invariably think better of it.

Thats fair, sometimes we regret what we post, at least we have the chance to change it.

Nobody still has addressed the other part of my post.
NYRA's Disclosure projections for 2008 called for a breakeven year on the B/L
However, as part of that projection was the gain on the sale of the parcel of land, at the Big A, for approx $15M. If NYRA no longer has a claim to the land, and it is sold for $15M who gets the $15M? If NYRA doesn't get the $$ then aren't the revised projections going to show a $15M loss for the bottom line?
If so, why are they so good to run the race track business and when will the state have to bail them out, make additional $$ donations, or will NYRA file Chapter 11 again(I am not so sure they can file chap 11 or a chap 7)


As for the poster who mentioned that Magnas Gulfstream casino operations are a failure, shouldnt you also mention that Magnas Remington Park casinos have outperformed expectations, while at the same time Remington Park cross promotes slots customers to the racetrack operations.

It seems readers of these posts would be better informed if as much of the facts are stated, not just the ones that back your side of the coin.

[blackthroatedwind]

Originally Posted by theiman

whatever

Here's the good news for you, if you care about racing, be it in NY or elsewhere, against your wishes, the best possible people were chosen to continue to run racing in NY.

There's a lot wrong in racing, and certainly everything in NY isn't perfect, but you might want to consider moving on and applying your dismay to another cause that is still being fought.

[blackthroatedwind]

Originally Posted by theiman

Nice for the Moderator/Owner of the forum to insult his posters.

People earn respect....and sometimes they earn disrespect.

If you don't approve of how Steve treats his guests here then feel free to pay for you own site.

[hoovesupsideyourhead]

why should he treat you any better or worse than us..steve holds back alot ..if he were to censor this site by his true feelings many of us would be gone.. i give him all the credit for NOT takeing things to hart and letting the people on here have a an opinion....

time till my banning...3 2 1 ..

[freddymo]

Originally Posted by hoovesupsideyourhead

why should he treat you any better or worse than us..steve holds back alot ..if he were to censor this site by his true feelings many of us would be gone.. i give him all the credit for NOT takeing things to hart and letting the people on here have a an opinion....

time till my banning...3 2 1 ..

Being banned isn't so bad

Sincerely,

BannedMO

[whodey17]

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...

What about the $120 million that was forgiven?

[Kasept]

Originally Posted by whodey17

What about the $120 million that was forgiven?

Would you not agree that it's a small price for the three pieces of real estate in Queens, Nassau County and Saratoga that NYRA turned over to the state yesterday?

As I wrote in an unpublished piece a few days ago, it's the best real estate deal the state of New York has engaged in since Peter Minuit bought Manhattan.

[whodey17]

Originally Posted by Kasept

Would you not agree that it's a small price for the three pieces of real estate in Queens, Nassau County and Saratoga that NYRA turned over to the state yesterday?

As I wrote in an unpublished piece a few days ago, it's the best real estate deal the state of New York has engaged in since Peter Minuit bought Manhattan.

I agree that $120 million is a small price to pay for the three pieces of land. However, how does that help Joe taxpayer whose money was forgiven by the gov't?

[blackthroatedwind]

Originally Posted by whodey17

I agree that $120 million is a small price to pay for the three pieces of land. However, how does that help Joe taxpayer whose money was forgiven by the gov't?

Quite simply actually.

Instead of NYRA acting in their absolute best interests, and taking their lock land claim to court, something that could well have halted racing for years, they made an agreement that will continue the flow of dollars to the State, and the taxpayers you are oddly concerned about.

[whodey17]

Originally Posted by blackthroatedwind

Quite simply actually.

Instead of NYRA acting in their absolute best interests, and taking their lock land claim to court, something that could well have halted racing for years, they made an agreement that will continue the flow of dollars to the State, and the taxpayers you are oddly concerned about.

Flow of dollars to the state. Seems to be the flow of money goes from the state to the NYRA.

[blackthroatedwind]

Originally Posted by whodey17

Flow of dollars to the state. Seems to be the flow of money goes from the state to the NYRA.

When you make these kinds of flip comments all you do is further display your complete ignorance of the situation.

I apologize for not realizing that you didn't realize that tax on pari-mutual handle from both NYRA and NY OTB ( who's conception was based on the races that NYRA pays to put on and still handles a very high portion of their daily proceeds on NYRA races ) goes to the State and equates to significant dollars annually. First I thought you were ignoring this to suit your incoherent argument but now I realize that you simply didn't understand even the fundamentals of the situation.

[Cannon Shell]

Originally Posted by whodey17

I agree that $120 million is a small price to pay for the three pieces of land. However, how does that help Joe taxpayer whose money was forgiven by the gov't?

It is simply far to complex for you to understand.

[whodey17]

Originally Posted by Cannon Shell

It is simply far to complex for you to understand.

Why dont you explain it to me. I am sure I am quite capable of understanding.