UPDATE: State meets obligation to NYRA; Legislature OK's advance

[pointman]

Originally Posted by parsixfarms

That's a very fair question; one that I really don't have an answer for.

However, having fought hard for the franchise and for a change in its corporate status, I'd like to think NYRA had other alternatives to only pinning its hopes for continuing racing on getting legislative relief (whether it's owed that money contractually or morally is really besides the point when dealing with Albany pols). And as I said earlier, against the NYCOTB back-drop, I think NYRA has painted itself into such a corner that, if some alternative did exist aside from legislative action for a loan or some other funding stream, NYRA probably couldn't exercise it. Because this should have been an easy lift and it hasn't been accomplished so far, I get a bad feeling about it. Patterson saying that something will get done is just BS; it's the legislature that needs to agree, and when Shelly Silver is involved, there's always a price to pay.

What is it that you suggest NYRA should do instead of what they are being forced to do? Don't you think cashflow is seriously hurt when you are owed $17 million by someone who refuses to pay and you know you are not getting it anytime soon?

[parsixfarms]

Originally Posted by pointman

What is it that you suggest NYRA should do instead of what they are being forced to do? Don't you think cashflow is seriously hurt when you are owed $17 million by someone who refuses to pay and you know you are not getting it anytime soon?

Absolutely, cash flow is hurt when NYCOTB doesn't pay, but speaking to people whose living is in the racing industry, this problem is partly NYRA's doing, as it has been very late to the belt-tightening table. It eliminated 12 positions only this past spring, and it still has executives on the payroll whose value (v. salary) is questioned on the backstretch. It could have eliminated the detention barn and closed training at Aqueduct and saved about $600K per month according to public reports, and it chose not to.

[pointman]

Originally Posted by parsixfarms

Absolutely, cash flow is hurt when NYCOTB doesn't pay, but speaking to people whose living is in the racing industry, this problem is partly NYRA's doing, as it has been very late to the belt-tightening table. It eliminated 12 positions only this past spring, and it still has executives on the payroll whose value (v. salary) is questioned on the backstretch. It could have eliminated the detention barn and closed training at Aqueduct and saved about $600K per month according to public reports, and it chose not to.

So they would be $14 million short?