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.


Anonymous said...

Pari-mutuel gambling has no future. Racetracks are empty. Some, like Belmont and especially Saratoga, have nice grounds. But the industry can no longer sustain the vast expense of operating a track (think of how many people work there, for starters). Even OTB can't keep its head above water. So will taxpayers have to prop the tracks up? Or turn them into track-casinos (shudder)? Here's a thought - close Aqueduct. Let the "historic" (or at least really old) and prettier Belmont remain open. You know they are not open at the same time - and employees migrate from one to the other. So why maintain two losers?

Anonymous said...

WTF????? Why in the hell should we, the taxpayers, bail out these goddamn racetracks?!