Sunday, September 14, 2008
NYRA saved by NY state
State Saves Racing Group, Takes Over Three Race Tracks
By: NY1 News
Belmont and Aqueduct Racetracks are now officially owned by the state and the New York Racing Association is no longer in danger of bankruptcy.
As part of a deal to shed its Chapter 11 protection, NYRA is handing over its claim to land for the Queens tracks and upstate Saratoga Racetrack.
Albany will also cover NYRA's debts and operating expenses until revenue starts to come in from video slot machines at Aqueduct.
NYRA has run the three race tracks since 1955 and will continue to do so under the deal.