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

freddymo · #1 05-23-2010, 08:43 PM

Quote:

Originally Posted by pointman

Great link and article. Bossert points out a huge flaw with the current business model which only the State can change, NYRA has the expense of putting on the product, but has to compete with OTB. It cannot even show a live signal to its own customers as their competitor statutorily has the right to that.

If NY really wants to fix racing, OTB's have to be broken up and given to the tracks so that they are not competing against themselves. Under this model NYRA could be competitive even without a casino, a casino would just be the icing on the cake.

Freddy, as much as you doubt the casino, you need to look no further than Yonkers to see how that alone would turn NYRA into a profitable entity from which NY State can poach and NYRA could sustain itself.

The solution is simple. Break up the OTB's and give them to the tracks. Allow NYRA to take the same rate on a betting dollar whether it is bet on or off track in NY and give NYRA the ability to show its own signal live off track. At the same time allow NYRA to cut the takeout on all bets since the middleman no longer needs to siphon money out of the bettors that does not needs to be siphoned. Bigger purses, bigger fields, less takeout will addup to a huge success for NY racing. Implement a qualified casino operator and NY has the best racing in the country and NYRA sustains itself and fills the State coffers.

Why won't this get done anytime soon? Because the corrupt politicians won't give up their patronage machine. The media needs to force the legislature to do this by telling the truth and mounting public opinion. Anyone who believes that the State has not put NYRA in this position truly doesn't understand what it is happening here.

I guess in 10 more years you will be still puzzled why there arent slots at Aqueduct. They arent coming any time soon if at all. What do really think is goingto happen? You really think OTB is going to close?

It's great news that there will be no racing in Ca. this wednesday.. When it starts to happen in NY because NYRA doesnt have slots will talk about the what's next.

Again I hope I am wrong

pointman · #2 05-23-2010, 09:14 PM

Quote:

Originally Posted by freddymo

I guess in 10 more years you will be still puzzled why there arent slots at Aqueduct. They arent coming any time soon if at all. What do really think is goingto happen? You really think OTB is going to close?

It's great news that there will be no racing in Ca. this wednesday.. When it starts to happen in NY because NYRA doesnt have slots will talk about the what's next.

Again I hope I am wrong

As I pointed out, the means are there to right the ship. The Legislature would be wise to see the OTB cries as an opportunity to eliminate waste and consolidate giving the tracks the ability to sustain themselves and return NY racing to its rightful place. I too have my doubts that these corrupt pinheads can actually do the right thing.

That being said, the slots will happen and it will happen soon for the simple reason is that these numbnuts need to draw money from somewhere and this creates free money to spend for them.

freddymo · #3 05-23-2010, 09:29 PM

Quote:

Originally Posted by pointman

As I pointed out, the means are there to right the ship. The Legislature would be wise to see the OTB cries as an opportunity to eliminate waste and consolidate giving the tracks the ability to sustain themselves and return NY racing to its rightful place. I too have my doubts that these corrupt pinheads can actually do the right thing.

That being said, the slots will happen and it will happen soon for the simple reason is that these numbnuts need to draw money from somewhere and this creates free money to spend for them.

Dinner is on me at John George if they have the VLT's opened by 1/1/12. OTB has 1500 jobs and a UNION they aren't closing ever. Why the heck would NYRA want those 1400 jobs, bloated benny packages, under funded pension liablity etc etc. they would be smart to stay FAR away from that toxic waste land.

blackthroatedwind · #4 05-23-2010, 09:44 PM

Jean Georges.

pointman · #5 05-23-2010, 09:50 PM

Quote:

Originally Posted by blackthroatedwind

Jean Georges.

I might take him up on that. Did you leave early today in disgust after Ramon's ride in the 9th?

blackthroatedwind · #6 05-23-2010, 09:53 PM

Quote:

Originally Posted by pointman

I might take him up on that. Did you leave early today in disgust after Ramon's ride in the 9th?

No, I was exhausted.

That was an odd ride. I wonder if she just took off on him. He doesn't ride like that.

freddymo · #7 05-23-2010, 10:25 PM

Quote:

Originally Posted by blackthroatedwind

Jean Georges.

Ever since you went to Longchamps your French has been wonderful. Make reservations for 1/2/2012

pointman · #8 05-23-2010, 10:46 PM

Quote:

Originally Posted by freddymo

Ever since you went to Longchamps your French has been wonderful. Make reservations for 1/2/2012

I'm in!

Kasept · #9 05-24-2010, 01:34 PM

Paterson proposes $25M loan to NYRA
By Matt Hegarty

New York Gov. David Paterson has proposed legislation that would allow the New York Racing Association to borrow $25 million from a line of credit that is being offered to fund construction of a casino at the association's Aqueduct racetrack, according to the governor's office.

The proposal would shore up NYRA's financial position amid contentions by the association that it is in danger of running out of cash this summer. Last week, NYRA sent out notices to its 1,400 employees informing them that it was considering closing its tracks on June 9 due to the cash squeeze.

Paterson's proposal would allow NYRA to use $25 million of a $250 million loan that the state has already guaranteed to fund the construction of the Aqueduct casino "for services and expenses" at NYRA's three tracks, according to a memo prepared for the legislation by Paterson's office.

NYRA would be required to pay the loan back by March 31, 2011, or within 30 days of the state signing an agreement with the operator of the casino. If the loan is not repaid by March 31, the memo says, then the state's lottery would be required to pay the money back to the state using proceeds that NYRA has been promised from the casino's operating revenues. NYRA and its horsemen will receive approximately 13 percent of the casino's net revenues once it is up and running.

According to the memo, the loan would be advanced to NYRA once the legislation is passed.

Cannon Shell · #10 05-24-2010, 02:56 PM

Quote:

Originally Posted by freddymo

Ever since you went to Longchamps your French has been wonderful. Make reservations for 1/2/2012

I'll have the Blanquette de veau

Kasept · #11 05-24-2010, 09:05 PM

Legislature approves advance..

Now they can turn their attention to the $17 million (to NYRA) and $3 million (to NY breeders) that the NYC OTB scum are holding hostage.

pointman · #12 05-23-2010, 09:53 PM

Quote:

Originally Posted by freddymo

Dinner is on me at John George if they have the VLT's opened by 1/1/12. OTB has 1500 jobs and a UNION they aren't closing ever. Why the heck would NYRA want those 1400 jobs, bloated benny packages, under funded pension liablity etc etc. they would be smart to stay FAR away from that toxic waste land.

Those issues pale in comparison to the money NYRA loses to NYCOTB each year. I am sure they would happlily eliminate the middleman and have the opportunity to consolidate OTB's, reduce the takeout on the wagers, reduce the locations, expand the online wagers, expand the wagering on other tracks, and essentially multiply what in effect would be on-track wagers.

Oh yeah, and actually get paid for the product that they put on in New York.