NYRA: Spitzer nod on 30 yr renewal

Originally Posted by Ronnie

They didn't give anything away..they just agreed that they did not own the land.

The state should have netted $1billion for the land, and $130 for the loan they gave to NYRA. Instead the state is basically bailing out NYRA.

What happens though is NYRA is supposed to give all their profits to the state, so making them repay a loan is pointless.

The real joke about a non-profit horse racing business is that the profits go to the state, therefore everyone that works in the business has an incentive to spend every nickel so there is nothing for the state. Unfortunately that money is usually spent on things like shuttling horses for free for NYRA board members. lol