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.

[ELA]

You know what? I guess it is that simple then and you have it all figured out. What's up next? Eliminating the deficit and balancing the budget for the United States?

Based upon your NYRA analysis here, I figure you should have country's problems solved by sometime on Sunday.

"Agenda" may not be the right word. However, being that you completely ignore all other aspects of this complex situation -- other than NYRA, and you've made your feelings very clear on that one single component -- I am sure you can understand why some might say you have an "agenda".

Eric

[theiman]

Originally Posted by ELA

You know what? I guess it is that simple then and you have it all figured out. What's up next? Eliminating the deficit and balancing the budget for the United States? non horse related--no comment

Based upon your NYRA analysis here, I figure you should have country's problems solved by sometime on Sunday. non horse related--no comment

"Agenda" may not be the right word. However, being that you completely ignore all other aspects of this complex situation -- other than NYRA, and you've made your feelings very clear on that one single component -- I am sure you can understand why some might say you have an "agenda". I havent ignored the other aspects, I have selected what has been currently presented--the NYRA Bankruptcy Disclosure Statement

Eric

I am only pointing out what seems to be part of the problem that needs to be addressed to make NY racing both survive and maintain its status as one of the best places to race.

We had what turned out to be a Franchise bidding fiasco that was dragged on by lies, politics, Albany, or whatever people want to blame. It still hasnt been settled and in less than a month fans/bettors, employees, and horsemen still dont know whats going on.

NY has had slots approved years ago and still hasnt reaped any benifit from them, if there is to be a benefit(see Gulfstream fiasco)

I thought forum boards, in this case a horse racing forum, were supposed to be about the industry. We post ideas, complaints, compliments, etc.
Part of the NY racing future is who is best suited to run it. Based on what all of the parties have shown me, including NYRA, I dont think anyone is "ideally" qualified. Whether it be financially, or as in the case of some of the reports I read earlier in the process of selecting the franchisee, morally competent.
But somebody has to run it.

When I saw the financials some things stood out to me as not looking good. The slots projections for one(way too big an increase in projected machine wins), and the Operating expenses for another. Do you really think it takes $138M to run a race track that for 6.5 months is at Aqueduct where 2,000 to 3,000 show up? There must be some very nice salaries at NYRA based on those numbers.

Just curious, if not the financials, what should, if anything, be discussed about the situation?

[Riot]

Good grief, see Blood-Horse update 12/3 on NYRA and the trolls fighting for control of the bridge.

[MisterB]

Bruno still throwing punches. This AM news, (TV10) reported if no resolution is completed by Jan 1, Bruno wants a Temp board assigned to run the Track until a final decision is reached.

[parsixfarms]

I just got off the phone with Senator Bruno's office expressing my concern regarding the Senate's handling of the NYRA franchise issues. I think that yesterday's press conference was Senator Bruno's latest in his adoption of the adage that the "best defense is a good offense." His recent mailer was a similar pre-emptive attempt to blame the Governor in the event that a deal that meets his satisfaction is not struck.

I think Senator Bruno knows - and my comments to his Director of District Relations as an owner, breeder and resident of Saratoga Springs would not dispel this notion - that his consitutents and those in the racing industry will blame Senator Bruno if a franchise deal with NYRA in place is not completed in a timely fashion. If ever anyone was inclined to call a government official and voice your concern about an issue impacting you, now is the time to do it. He's feeling the heat, and those of us in the racing industry need to keep the heat on. His Senate office number is (518) 455-3191. Be reasonable (no screaming) and I think our voice might actually be heard.

[Payson Dave]

Originally Posted by parsixfarms

...His Senate office number is (518) 455-3191. Be reasonable (no screaming) and I think our voice might actually be heard.

Just called his office....politely offered to them the opinion that on this particular issue Senator Bruno is being be seen by many as being part of the problem as opposed to part of the solution...suggested to them that the political feud with Spitzer should not be allowed/used to hurt the many people in the NY thoroughbred industry...was asked to provide my name and number (which I gave) and was told that my comments would be passed on to Senator Bruno

[freddymo]

Originally Posted by Sweet Lady

Is it true that NYRA is involved in yet another scandal involving shortchanging the state out of $11 million through a combination of incompetence and criminality? That report was in yesterday's papers and I'm wondering if any of the NYRA insiders who haven't been indicted yet know anything about this latest scandal. Thanks.

Who would have thought?

[Swale84]

Originally Posted by Sweet Lady

Is it true that NYRA is involved in yet another scandal involving shortchanging the state out of $11 million through a combination of incompetence and criminality? That report was in yesterday's papers and I'm wondering if any of the NYRA insiders who haven't been indicted yet know anything about this latest scandal. Thanks.

I found the story I was referring to: http://www.nypost.com/seven/12042007...____583878.htm

Does anyone know if this is true?

http://www.thoroughbredtimes.com/nat...-question.aspx
NYRA President Charles Hayward said the case is nothing more than a dispute over accounting practices.

“This has been an issue for almost ten years,” he said.

He compared the situation to NYRA’s recent dispute with the Internal Revenue Service, which said NYRA owed the government $1.6-billion. In that case, the IRS used all handle, on- and off-track, before winnings are paid out to calculate NYRA’s income.

NYRA successfully argued that it should only be taxed on net income. The IRS has set a cap on its NYRA claim at no more than $25-million, and the final settlement could be $15-million or less.

Likewise, the state has recommended that NYRA change its accounting practices but has not demanded that it do so, Hayward said. He said he believes NYRA would prevail if the case ever went to court.

“We’ve had a fundamental disagreement over how the calculation’s arrived at,” he said. “We’ve gotten legal support from counsel, we’ve gotten accounting firm support. We just think that’s the way to do it. So do our lawyers. So do our accountants.”

[blackthroatedwind]

Good rule of thumb.....if you read it in the NY Post it is BS.

[Swale84]

Originally Posted by blackthroatedwind

Good rule of thumb.....if you read it in the NY Post it is BS.

Unfortunately most newspapers lack credibility today. The NY Times editorial of 11/24 on New York's OTBS is proof of that

Originally Posted by Sweet Lady

What does you handle mean? Does it mean you have to put a pillow in your pants to look masculine?

show them puppies for your answer. Afterall, I'm a NYRA employee and I'll be out of a job soon according to you. Cheer me up, sweet "lad"