NYRA/MGM ready to go and have been

We all know what the problem is Oracle. It isnt a question of ignorance. The question should be, why does the NYRA have to rely on slots in order to make a profit!!!!! Don't worry Oracle, NYRA will be able to spend all the slots money and will be broke once again.

[Cannon Shell]

Originally Posted by eurobounce

We all know what the problem is Oracle. It isnt a question of ignorance. The question should be, why does the NYRA have to rely on slots in order to make a profit!!!!! Don't worry Oracle, NYRA will be able to spend all the slots money and will be broke once again.

Perhaps you dont understand that NYRA is a not a profit, therefore is encumbered by laws that force it to give any profit to the state. If you can't keep what you make how can you do well businesswise?

Where do you think the money goes????

[sumitas]

The money goes back into racing where it should go. The hacks in NYS just want their palms greased. That's why you won't see a final decision until Spitzer gets in there. Pataki's old appointees just want to milk this process for everything they can get before they are kicked out.

Originally Posted by Cannon Shell

Perhaps you dont understand that NYRA is a not a profit, therefore is encumbered by laws that force it to give any profit to the state. If you can't keep what you make how can you do well businesswise?

Where do you think the money goes????

We all know it is a not profit organization. But not for profits are able to keep money on the books. They have to keep money on the books in order to pay for expenses. Not for profit really only means that they do not pay taxes. But the NYRA does not have enough money to cover their operating expenses. It is just a poorly ran non-profit.

[Cannon Shell]

Originally Posted by eurobounce

We all know it is a not profit organization. But not for profits are able to keep money on the books. They have to keep money on the books in order to pay for expenses. Not for profit really only means that they do not pay taxes. But the NYRA does not have enough money to cover their operating expenses. It is just a poorly ran non-profit.

I am far from a NYRA apologist and I do believe that the old guard operated with their head in the sand for many years but if you look at the situation objectively, between the state, otb's, and out of state competition, how could NYRA survive without help? Its a pretty simple business that has one revenue source and many mouths to feed. You can say its run poorly but how do you really know the issues that they face?