NYRA getting ducks in row..

[theiman]

Originally Posted by ELA

Nonsensical discussion. To have this type of discussion, here, in this type of forum is ludicrous. You are right when you say "perhaps this is a simplistic look" -- it is, and one thing you certainly cannot cannot use in this type of discussion is simplicity. It's not mathematical and it's not linear. It's multi-dimensional.

Be that as it may, this is not a NYRA issue. For the critics, of course it's a NYRA issue. The link doesn't work now so I am not looking at the report, but I don't think one has to in order to see what your mindset is.

Anyway, I don't know what #'s are feasible so I am not sure I believe these #'s myself. I know I didn't believe Richard Bomze when he said the Mdn Specials would be going to $80k. As a matter of fact, besides not being true, I thought there was downside in saying it or believing it. Just like this discussion.

You cannot compare what might happen at Aqueduct (and eventually Belmont) to Monticello. Same thing with Gulfstream (turning out to be a disaster). Tell me about Yonkers though, I would be interested in seeing those #'s, but I think Aqueduct would have far stronger #'s than Yonkers.

If one would want to look at this situation effectively, the last thing you would do is try to be simplistic.

Eric

If it isnt a NYRA issue than what is it? It is from NYRA's Disclosure Statement.
It is NYRA's projections, again with no CPA or GAAP rules applied.

I have no agenda, nor any financial gain from whomever controls NY racing. I grew up on it, I still watch it but instead of from NY I watch from California. I still have relatives in NY who are affected by the tax payers burden. I have the opionion that the current mangagement, the ones who were put in after the Big Brother watch, still cant run what might be the best racing.

Here are the 2008 Projections, these are prior to any slots coming in.

Gross Racing Revenue $272,730,000
Ancillary Property Sale $15,000,000
Gross revenue $287,730,000

Less:
Stakes and Purses $114,264,000
other Stat. payments $12,847,000
TOTAL NET REV $160,619,000


Expenses
Racing $9,682,000
Facilities $45,423,000
Security $11,742,000
Customer Service $9,255,000
Adv and Promo $11,403,000
Administration $50,940,000
TOTAL Oper Exp $138,445,000

Pension $4,100,000
Depec. $301,000
Pymnt under Lease $15,300,000
Interest $2,111,000
Total Non Op Exp $21,812,000

Total Expenses $160,257,000

Income before Tax $362,000

So NYRA projects to be in the black for 2008 and make $362K. Fine.

Except if they didnt have the one time gain of the sale of the property at Aqueduct they lose $14.7M from racing operations. This is the company that just emerges from bankruptcy and still gets its butt kicked?

Are purses too big?
Is $50M in Admin expenses too much?

As for the numbers at Yonkers, I dont know them off hand. I do know purses have steadily gone down since the casino opened about a year ago. I have a friend who races horses there and I have followed it abit. Also, Yonkers went from 12 races a night to 10 a night. Part of the problem at Yonkers is the handle barely gets over $1M for the trots on 10 races a night.