NYRA bailed out

[karlskorner]

http://www.drf.com/news/article/71258.html

W/P/S takeout up 1 percent. Rebates for the deep pockets.

[cj]

When in doubt, stick it to the bettor.

[Tom]

Sure, up the takeout when it is proven to increase handle when lower. NYRA was baile dout by morons - oh, yeah, NYS -Pataki and his Wacki Boys strike again.

NYS needs to be bailed out - from the dreggs of society that run it.

I am suprised this bunch of idiots can find Albany every session!

[the little guy]

First of all, I am going to take exception to Tom's comment that NYRA is run by the " dregs of society ". The top three people in charge are Charlie Hayward, Bill Nader and Steve Duncker, and while I will preface this by saying all three are friends of mine, I would be very surprised if anyone that knows them personally or has dealt with them professionally considers them anywhere close to " the dregs of society ". The fact is that the people responsible for ALL the situations that caused problems with the State are now gone. I make no excuses for anything that went on, I am only pointing out that the legal problems NYRA had have nothing to do with the current administration.

NYRA paid a substantial price for the mistakes of the past, but they also abided by everything the state told them to do, and are simply trying to move forward at this time. You can call the current situation a " bailout ", and in many ways I won't argue with that, but any institution with the kind of relationship NYRA has with the State would have been granted this money much earlier, and without all the fanfair. Let's face it, the politicians have had a field day roasting NYRA in the press.

As for the takeout increase....do you honestly think this was NYRA's idea? They have adamantly opposed any takeout increases. However, considering the current situation, is it not surprising that perhaps they had to offer some sort of compromise to assuage both the State and OTB ( otherwise known as a mealticket for politicians )? By raising the takeout, on WPS only, they are going to be able to offer NYRA-One customers a rebate. And, contrary to the prior post, it does not take an enormous handle for this to kick in. Pretty much anyone playing through NYRA-One will be more than compensated for the increased takeout. Does this serve everyone? Of course not, but perhaps it serves the greater good. I am sorry for anyone who pays a higher takeout rate, save rebate players, but perhaps it would be at least a little fairer to view the situation as an unfortunate evil that may, in some ways, serve a greater good. By NYRA making a reasonable rebate available to players I would hazard a guess that it will do a lot to drive other major racing associations to finally offer similar options.

NYRA has been trying to offer this rebate plan for a long time, only to be continually stymied by the State, so it is clearly unfair to absolutely blame them for what happened. I fail to see how much better either Magna or Churchill run their racetracks WITHOUT the encumberances of their respective states. This " everything that goes on in NY racing is NYRA's fault " attitude is to blindly fall into the trap NY State government has set by waging this war in the press. No NYRA isn't perfect, but a little realism wouldn't hurt.

[BillW]

First of all, I am going to take exception to Tom's comment that NYRA is run by the " dregs of society ".

TLG, check it again - he was referring to NYS, not the NYRA :)

[the little guy]

I even reread it a couple of times to be sure.

Sorry, Tom, I wasn't smart enough to decypher your post without a little help.

[BillW]

I even reread it a couple of times to be sure.

Sorry, Tom, I wasn't smart enough to decypher your post without a little help.
Scary, I can decypher it. :eek:

[Indulto]

Tlg,

My own insufficiently-correcting lenses led me to decipher the sentence beginning with “NY” and including “bailed out” exactly as you did. Before seeing your post, I was about to point out that someone here recently suggested that -- when push came to shove -- some wealthy and powerful owners might form a group to bid on the franchise. Hardly the “Dregs of Society”!

At any rate, it’s hard to avoid appearing defensive when one believes, as I do, that the NYRA (with some necessary changes to its financial structure) should continue putting on the best show in racing despite the political aspirations and maneuvers of those elected and appointed government officials “representing” the people’s interest.

Thanks for confirming my suspicions that some type of compromise was required to show how vigorous the State was in pursuing its oversight role, and just what a “rock” Ms. Stone really is.

[CryingForTheHorses]

I even reread it a couple of times to be sure.

Sorry, Tom, I wasn't smart enough to decypher your post without a little help.

POTY?

[Suff]

same ole same ole.

Less the approval to open the slot parlor. I was under the impression that would lead to a lower takeout. I thought the strategy was for NYRA to divest itself as far from State Regulation as possible? Neptotism, patronage, questionable vendor relationships.

MGM don't have 30 million to float at 3% to NYRA for 2006 operations? Getting Albany right out the picture? Of course it does. Conservative projections have the slots generating $400 million year one.

Regardless of who what and where...... raising takeout is medieval. A long , long way from the new reality of On line gaming.

The deal has more moving parts than a 2 headed Octopus.

$5 million in Loans from the quaisi public/private EMPIRE DEVELOPMENT CORPORATION. (state agency) How many hacks you think are sucking on that TIT?

A promise from Bruno that the Legislators "will" vote for the rebate program as written. Watch them fight for a 1.5, 2% increase when debate hits the floor. Never trust it will come out of the NY State Congress the way it goes in.

Talk about a program weighted to whales! At 7% I guess we'll see Sanford Goldfarb running to the windows with both hands. It will be nice for him to finally place a bet at a NYRA window instead of calling in 6 figures bets to Rebate shops, and other unsavory locales. (on the cuff I might add).

Meanwhile, you lose a $100 a day for every racing day in January and they give you the equivilent of 2 beers and two hot dogs. About $22.00 in rewards.

PLus they agreed to submit a Monthly budget to the state and the state will approve those expenditures as submitted. More nose's in the trough on a month to month basis.

Then throw in a speculative Real Estate Deal for another $5 million with the NEW JERSEY and NEW YORK PORT AUTHORITIES. More Hacks....more more more of the same.


In this trough of Horse racing and Slots we currently have:

A global casino outfit in MGM
The Politicians in Albany , From the Governer through Both houses
A for profit state agency. Empire Development Corp
two port authorities. NY and NJ
NYRA management with there self interests.


Mama mia....I shudder to think what a bad deal would look like.

[trigger]

Who gets the 1% on simulcast bets?

[Suff]

same ole same ole.



In this trough of Horse racing and Slots we currently have:

A global casino outfit in MGM
The Politicians in Albany , From the Governer through Both houses
A for profit state agency. Empire Development Corp
two port authorities. NY and NJ
NYRA management with there self interests.
.

I forget a huge player in this Money Grab. Richie Violette and his greedy band of horseman. They have a deal for 7% of slots revenue , going to 7.5% soon thereafter.

I respect Violette's position. His job is to make the best deal for the Horseman he can. He can not sympathize with Bettors, or track owners. He must have tunnel vision for his people. But still, he could stand to incooperate a little diplomacy in his tone. He insults bettors when he makes the case for Horseman.

I talked to him at Saratoga briefly. I was 1/2 drunk so my recollection might be skewered. But as I recall it, the only thing I remember looking at was a straight view down his nostrils. Because his nose was pointed way up in the air. Like I said, it was brief, I was buzzed so maybe I had it wrong. But I swear I got a dead on view of his nostrils for 2 and a 1/2 minutes.


Anyway...48 hours after my intial response to this deal. I stand by it. NYRA (and us) will live to regret getting so deep under the blankets with ALBANY.

And how is that no one discuss's the events that lead to NYRA being STONE COLD BROKE.

I realize you had the Monitors costs and the Reduction in handle from cuttying off Rebate shops. But from reading the article it appears that NYRA would'nt have the money to pay this weeks purse's with out this deal. That's troubling on its own accord.

[Tom]

I even reread it a couple of times to be sure.

Sorry, Tom, I wasn't smart enough to decypher your post without a little help.

S'ok, just call me Derek! :D

[the little guy]

The saddest thing was I reread it like three times to make sure it was the NYRA guys you were, in fact, bashing.

I'm sure I would have gotten it on the fourth read!

[WINMANWIN]

Steve Christ wrote a nice article about N.Y.R.A and the political games that
are going on. It's a great read, but only DRF subscribers can access it.

[Suff]

Steve Christ wrote a nice article about N.Y.R.A and the political games that
are going on. It's a great read, but only DRF subscribers can access it.

The Saratogian wrote an editorial this week that makes the same point I am maiking in a round-a-bout way. Albiet they spell better and write clearer....it insinuates much of what disappoints me. The good news is they stay alive , and will have slots in place when this deal comes to term. The bad news is that it still leaves unresolved most of the major questions surrounding the future operating structure of New York racing. My Contention is that when the State is this far up field..............it will be virtually impossible to back them off.

Elliot Spritzer..........whats on your mind as far as New York racing?

From Saratoga


For now, the immediate question is who owns the land.

This must be resolved before the state can proceed with soliciting requests for proposals to succeed NYRA when its franchise expires at the end of 2007.

NYRA maintains it owns the land, noting its name is on the deeds and the fact that it has been paying property taxes.

The state nonetheless maintains the land is state-owned. Neither side is eager to let a judge decide. Yet until this matter is settled, it is impossible to move forward.

Whether the loan is considered a NYRA bailout or an investment into the organization that NYRA was due all along depends on your point of view. NYRA has rightly been accused of mismanagement in past years.

The state, meanwhile, has milked NYRA, squeezing it for revenue that should have been reinvested in the operations. The general consensus is that the current setup of NYRA and its relationship with the state must change.


http://www.saratogian.com/site/news.cfm?BRD=1169&dept_id=17711&newsid=15854410&PAG=461&rfi=9

[WINMANWIN]

I was at Aqueduct quite a few times the past month or so :ThmbDown: I was
in the clubhouse, Equestris room, :blush: The place is really A DUMP :mad:
They have one Fifty dollar teller there, who's a thief, I wont go into it, but trust me, Myself and many others were Turned Off to Aqueduct. Untill
they get the VLT'S and make constructive changes for the customer, The
attendance will continue to drop.