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05-18-2010, 05:58 AM
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May 18, 2010 | 05:52 AMHomeNews
Blog.Sports OddsMore ...
NYRA calls Belmont meet in jeopardy
By David Grening
ELMONT, N.Y. - The New York Racing Association reiterated on Monday that if it does not receive financial assistance from the state, it will be unable to complete the Belmont Park spring/summer meet. The meet runs through July 18.
"NYRA's current cash position will not allow us to make it through the entire Belmont Park race meet," NYRA's president and CEO, Charles Hayward, said in a press release issued late Monday afternoon. "We are in discussions with the state regarding potential avenues for us to acquire funding."
NYRA did not address the prospects for a Saratoga meet in its one-paragraph release.
Hayward and NYRA officials were scheduled for more talks with state officials in Albany on Tuesday. Last week, a plan that was to have advanced NYRA $17 million through a future bond for the construction of a casino at Aqueduct was scuttled because the move would violate legal restrictions on how the state can loan money.
NYRA is owed $17 million by bankrupt New York City Off-Track Betting. Also, NYRA is not receiving any revenue from the still-stalled slots project at Aqueduct. In 2008, when the state renewed NYRA's franchise agreement, it agreed to fund NYRA's operating shortfalls in the absence of a video lottery terminal operator having been selected to run the casino at Aqueduct. But the state is in a $9 billion hole and doesn't even have a budget in place for the upcoming fiscal year.
This comes on the heels of NYRA trying to market the $1 million Belmont Stakes on June 5 that will lack both the Kentucky Derby winner Super Saver, and the Preakness winner Lookin At Lucky.
The insanity continues.... :mad:
May 18, 2010 | 05:52 AMHomeNews
Blog.Sports OddsMore ...
NYRA calls Belmont meet in jeopardy
By David Grening
ELMONT, N.Y. - The New York Racing Association reiterated on Monday that if it does not receive financial assistance from the state, it will be unable to complete the Belmont Park spring/summer meet. The meet runs through July 18.
"NYRA's current cash position will not allow us to make it through the entire Belmont Park race meet," NYRA's president and CEO, Charles Hayward, said in a press release issued late Monday afternoon. "We are in discussions with the state regarding potential avenues for us to acquire funding."
NYRA did not address the prospects for a Saratoga meet in its one-paragraph release.
Hayward and NYRA officials were scheduled for more talks with state officials in Albany on Tuesday. Last week, a plan that was to have advanced NYRA $17 million through a future bond for the construction of a casino at Aqueduct was scuttled because the move would violate legal restrictions on how the state can loan money.
NYRA is owed $17 million by bankrupt New York City Off-Track Betting. Also, NYRA is not receiving any revenue from the still-stalled slots project at Aqueduct. In 2008, when the state renewed NYRA's franchise agreement, it agreed to fund NYRA's operating shortfalls in the absence of a video lottery terminal operator having been selected to run the casino at Aqueduct. But the state is in a $9 billion hole and doesn't even have a budget in place for the upcoming fiscal year.
This comes on the heels of NYRA trying to market the $1 million Belmont Stakes on June 5 that will lack both the Kentucky Derby winner Super Saver, and the Preakness winner Lookin At Lucky.
The insanity continues.... :mad: