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

[pgiaco]

Originally Posted by pointman

I have been wondering why the NY Post has not been more accurate with the NYRA situation considering they have Ed Fountaine on staff. After reading this, it appears that if Fountaine has spoken to the editors and/or reporters it has fallen on deaf ears. Here is Fountaine's take in todays NY Post:

http://www.nypost.com/p/sports/horse...mlliEOAIrUsF8H

A breath of fresh air after all the bullshiat coming from the NY papers.

[pmacdaddy]

http://www.nyra.com/belmont/stories/May212010.shtml

[the_fat_man]

Originally Posted by pmacdaddy

http://www.nyra.com/belmont/stories/May212010.shtml

zzzzzzzzzzzzzzzzzzzzz

Is this news? Since there's probably very little chance that the tracks or OTB will close, why must we be subjected to all this posturing? It really can't be this hard to run a track and show a profit. Then again, with all this BS, there's apparently a need to convey that it is. We get it: not only do we get to play the horses but we also get to feel xtra special since the state pols are so involved in our sport.

Why are there no 'special interest' groups whose sole function is to expose 'crooked' pols? Not like the resources aren't there. Now, THIS is something that would be very easy in NY (and elsewhere). As soon as they '**** up', get them the **** out of there. Maybe something might get done that way.

[parsixfarms]

As a result of the 2008 franchise process, NYRA is now a not-for-profit corporation instead of a quasi-state entity. Knowing that in Albany there will inevitably be some price to pay (i.e., lower long-term OTB payments to the racing industry) for the "loan" that NYRA is now seeking, why is NYRA even dealing with the legislature for these funds?

[pmacdaddy]

Originally Posted by parsixfarms

As a result of the 2008 franchise process, NYRA is now a not-for-profit corporation instead of a quasi-state entity. Knowing that in Albany there will inevitably be some price to pay (i.e., lower long-term OTB payments to the racing industry) for the "loan" that NYRA is now seeking, why is NYRA even dealing with the legislature for these funds?

I can't imagine who else would loan into this situation.

[parsixfarms]

Originally Posted by pmacdaddy

I can't imagine who else would loan into this situation.

Assuming they go cash-flow positive once Saratoga starts, we're only talking about a relatively brief period of time (and modest amount of $$) to get to July 23. And the amount we're talking about is chump change for the people sitting on the NYRA Board of Trustees.

[pmacdaddy]

Originally Posted by parsixfarms

Assuming they go cash-flow positive once Saratoga starts, we're only talking about a relatively brief period of time (and modest amount of $$) to get to July 23. And the amount we're talking about is chump change for the people sitting on the NYRA Board of Trustees.

Maybe, but that is a tough precedent to set given that everyone elses long term plan seems to involve screwing NYRA.

[Cannon Shell]

Originally Posted by parsixfarms

Assuming they go cash-flow positive once Saratoga starts, we're only talking about a relatively brief period of time (and modest amount of $$) to get to July 23. And the amount we're talking about is chump change for the people sitting on the NYRA Board of Trustees.

I would doubt that they immediately go into a cash flow positive position once Saratoga starts. It is my understanding that the vast amounts of money to be paid to tracks from the various outlets doesn't always come in a timely fashion. Not to mention the cash outlay they must incur in setting up shop there.

As for the Board, it would quite possibly be illegal for Board members to inject that kind of cash into a non-profit and like pmac said a terrible presendent wuld be set. It would be used as "proof" that NYRA is just a bunch of rich guys looking for a state "bailout".

[Kasept]

Originally Posted by parsixfarms

As a result of the 2008 franchise process, NYRA is now a not-for-profit corporation instead of a quasi-state entity. Knowing that in Albany there will inevitably be some price to pay (i.e., lower long-term OTB payments to the racing industry) for the "loan" that NYRA is now seeking, why is NYRA even dealing with the legislature for these funds?

Because the state made the commitment to provide any short-term funding support if the AQU VLT parlor was not up and running by September of last year. The bridge funding will be recouped by the state out of VLT revenues. There is no special pound of flesh involved in this. The state put the onus on itself.

NYRA isn't 'seeking' this funding out of some surprise shortfall they didn't anticipate. This was going to happen if the VLT's weren't in place... EVERYONE knew that. If the mainstream media had a clue and reported the story accurately, no one would question why the transaction is necessary.

[parsixfarms]

Originally Posted by Kasept

Because the state made the commitment to provide any short-term funding support if the AQU VLT parlor was not up and running by September of last year. The bridge funding will be recouped by the state out of VLT revenues. There is no special pound of flesh involved in this. The state put the onus on itself.

NYRA isn't 'seeking' this funding out of some surprise shortfall they didn't anticipate. This was going to happen if the VLT's weren't in place... EVERYONE knew that. If the mainstream media had a clue and reported the story accurately, no one would question why the transaction is happening.

We all know "contractual obligations" mean little to the corrupt politicians in Albany. My point is that, rather than relying on the state to come up with the money (whether the state is legally obliged to pay NYRA the money is really irrelevant at this point in time), aren't there other ways of getting the needed short-term funds? It's scary to think that the hopes of the NY racing industry are totally dependent upon Patterson, Sampson and Silver agreeing to do anything, no matter how simple.

[freddymo]

Originally Posted by Kasept

Because the state made the commitment to provide any short-term funding support if the AQU VLT parlor was not up and running by September of last year. The bridge funding will be recouped by the state out of VLT revenues. There is no special pound of flesh involved in this. The state put the onus on itself.

NYRA isn't 'seeking' this funding out of some surprise shortfall they didn't anticipate. This was going to happen if the VLT's weren't in place... EVERYONE knew that. If the mainstream media had a clue and reported the story accurately, no one would question why the transaction is necessary.

So NYRA told the State in advance that there plan for operating in 08-10 would fail to be cash flow positive and as such the state said don't worry about it you keep losing money and will fund it because you told us so..Is that the way it happened if so the idiots polictians that said that they would bankroll a flawed business should be arrested.

Come on first NYRA is getting money and the horrendous publicity they continue to spew is madding.. HI fans and gamblers we are going out of business after are biggest purse day of the year and if you want to deposit money in your NYRA account please dail 1800 BIG AVLT. How the heck do you run a business promoting its life and joy in one breathe and telling your fans and customers its dying on the other. Why are the publizing all this negative stuff with such vigor? I really hope NYRA gets to operate and be successful!! This stuff just is foolish

[Cannon Shell]

Originally Posted by freddymo

So NYRA told the State in advance that there plan for operating in 08-10 would fail to be cash flow positive and as such the state said don't worry about it you keep losing money and will fund it because you told us so..Is that the way it happened if so the idiots polictians that said that they would bankroll a flawed business should be arrested.

Come on first NYRA is getting money and the horrendous publicity they continue to spew is madding.. HI fans and gamblers we are going out of business after are biggest purse day of the year and if you want to deposit money in your NYRA account please dail 1800 BIG AVLT. How the heck do you run a business promoting its life and joy in one breathe and telling your fans and customers its dying on the other. Why are the publizing all this negative stuff with such vigor? I really hope NYRA gets to operate and be successful!! This stuff just is foolish

Freddy the flaw is the states control over NYRA's ability to proceed with its VLT plans for 9 years and its harrassment and politically motivated campaign against it over the last 7 years. The other flaw is the state run entity NYCOTB failing to pay NYRA the money it legally owes them. If NYRA could simply sue NYCOTB and/or shut off the signal to them that problem would have been solved years ago. The state made the deal with its eyes wide open. What exactly is NYRA supposed to do? Say things are peachy?

[Kasept]

Originally Posted by the_fat_man

Is this news? Since there's probably very little chance that the tracks or OTB will close, why must we be subjected to all this posturing? It really can't be this hard to run a track and show a profit. Then again, with all this BS, there's apparently a need to convey that it is. We get it: not only do we get to play the horses but we also get to feel xtra special since the state pols are so involved in our sport.

It isn't posturing. It's a compliance with state and federal law.