New York Racing is Awash in Money. So Who's getting it?

[andymays]

http://www.nypost.com/p/sports/horse_racing/an_education_JqmCGuWIpHBNvZtTfAoqbL?CMP=OTC-rss&FEEDNAME=

New York has eight racetracks with video lottery terminals (slot machines), seven harness and one thoroughbred (Finger Lakes).

Between them, in 2008, their machines took in $11.4 billion and paid out $10.5 billion. Net profit: $947 million. Of that sum, $446 million went to education, $77 million to marketing, $94 million to lottery administration, $12 million for capital improvements at the tracks, $54 million for purses, $262 million to the tracks.

Imagine, nearly half a billion dollars, or half of all the profits, was sucked out by the state for “education.” You can’t track that money. It went into the Education Fund in the Albany swamp, never to be seen again.

The tracks got $262 million, most of it going to the Empire City Casino and Yonkers Raceway, which handles a staggering $6 billion in slot bets a year. Tim Rooney and his boys up at Yonkers are in clover.


Read more:
http://www.nypost.com/p/sports/horse_racing/an_education_JqmCGuWIpHBNvZtTfAoqbL?CMP=OTC-rss&FEEDNAME=#ixzz0qe5WLbmR

[Robert Goren]

This not news to most people. I suppose it is to a few people who think slots are an answer to racing problems.

[Tom]

As a resident, I can tell you two things for certain:

1. The money did not come to us, we are flat brke and closing up the State this week.

2. After dealing with numerous NY people, students, and graduates, NONE OF IT WENT TO EDUCATION!!!! :lol::lol::lol:

The NY State motto is.......D'oh!

[rwwupl]

Shame...Horse racing has been used as a "cash cow" everywhere for a long time. They have become so heavy that our very survival is at stake.

Is it not time that they stop the politics and lip service and get out of our way?

The people love horse racing...they do not love the price to pay.

[Dave Schwartz]

I think a better question is: "Now that NYRA has been 'bailed out' did those outstanding IOUs get paid?"

You know the ones... money owed to horsemen for purses and to ADWs for payoffs.

Does anyone know the answer to this?

[thespaah]

http://www.nypost.com/p/sports/horse_racing/an_education_JqmCGuWIpHBNvZtTfAoqbL?CMP=OTC-rss&FEEDNAME=

New York has eight racetracks with video lottery terminals (slot machines), seven harness and one thoroughbred (Finger Lakes).

Between them, in 2008, their machines took in $11.4 billion and paid out $10.5 billion. Net profit: $947 million. Of that sum, $446 million went to education, $77 million to marketing, $94 million to lottery administration, $12 million for capital improvements at the tracks, $54 million for purses, $262 million to the tracks.

Imagine, nearly half a billion dollars, or half of all the profits, was sucked out by the state for “education.” You can’t track that money. It went into the Education Fund in the Albany swamp, never to be seen again.

The tracks got $262 million, most of it going to the Empire City Casino and Yonkers Raceway, which handles a staggering $6 billion in slot bets a year. Tim Rooney and his boys up at Yonkers are in clover.


Read more:
http://www.nypost.com/p/sports/horse_racing/an_education_JqmCGuWIpHBNvZtTfAoqbL?CMP=OTC-rss&FEEDNAME=#ixzz0qe5WLbmR
You have to check sttae laws regarding how the legislature may use funds.
For example, here in NC, the State legislature and the Governor have the power to move money fom one budget to another at will.
Example, we have the fifth highest gasoline tax in the US at almost 32 cents per gallon. For comaprison's sake NJ's is 10 cents/gasllon. Virginia's is 14 cpg.
That revenue is collected and placed in the state's road building and improvement fund. The state government has been stealing from that fund to fund among other things, to balance the state budget( during election years), to fund train projects and other non-road related crap.
NY is a welfare state. Keep that in mind. Social programs always run deficits.
NY residents also pay some of the highest property taxes in the US. Ironically a vast majority of those dollars goes to school taxes. I have a friend who lives Upstate. His total property taxes are about $3k per year. A whopping $2,200 goes to School taxes...
SO with all that money from each property owner paying for schools, what in Sam Hill is happening to the money from the VLT's? I have a feeling the State is not spending that money on education.

[thespaah]

As a resident, I can tell you two things for certain:

1. The money did not come to us, we are flat brke and closing up the State this week.

2. After dealing with numerous NY people, students, and graduates, NONE OF IT WENT TO EDUCATION!!!! :lol::lol::lol:

The NY State motto is.......D'oh!
It is up to you as NYS residents to do a general house claening in Albany this November. Vote against every incumbent that has been entrenched in State government. Or continue to suffer from their decsions.
In wacthing politics this year, the elepahnt in the room is incumbency. Most folks have had it. There is an anti-incumbency fever I have never seen before.
In any event, you folks in the Empire State MUST get your house in order and get control of Albany. Do that in November. Throw these bastards out!!!

[Tom]

thespaah....when I said our state motto is D'oh, I failed to mention the runner up slogan was DUH!

NY voters are the the stupidest in the nation. Bar none, we are populated by utter morons. Our state government is proof of that. You cross the border into NYS and you can feel the brains being sucked out of your head.

Only I am immune. :rolleyes:

[xfile]

I never thought I would live to see the day NYRA is in this kind of shape.

[andymays]

New York Budget Stalemate May Shutter Tracks | BloodHorse.com

http://www.bloodhorse.com/horse-racing/articles/57458/new-york-budget-stalemate-may-shutter-tracks

Excerpt:

Racetracks in New York state are being told they might have to shut down June 15 if a budget stalemate at the state Capitol is not resolved.

The possible shutdown of state government, unprecedented in New York history, would also possibly affect casino operations at racetracks in the state. The state Lottery, officials say, is also poised to be suspended if the shutdown occurs, though some officials believe it could continue for a few days beyond the fiscal doomsday scenario on June 15. The lottery agency runs the racetrack casino program in the state.

[Spendabuck85]

From drf.com
Faced with a shortfall of more than $3.6 million it has not been paid by New York City OTB, Finger Lakes has slashed overnight purses by 12 percent and eliminated four stakes from its 2010 schedule.

"The unconscionable act of NYCOTB to refuse to pay its bankruptcy post-petition legislated payments has left a huge hole in our purse account going forward," Riegle said. "Given the current uncooperative attitude of NYCOTB, and with no apparent resolution on the horizon, we have no choice but to make drastic adjustments to the purse structure that in the end will negatively impact the industry and the tens of thousands of New York residents that depend on it for their livelihood."

Riegle said this is the first time in more than a decade that a purse cut has been necessary, "and will not be the only cut this season if NYCOTB is allowed to continue to fund its daily bloated operations at the expense of the racing industry."

Full article at:
http://www.drf.com/news/article/113846.html

[Tom]

To add insult to injury, FL is crippled by the stupid NYS law that prevents anyone living nearby ( guess who?! :mad:) from wagering on line. I live 7 miles from a track I cannot play, so that OTB can steal money from them.

My advice to everyone - NEVER support OTB under any circumstances. Kill off this parasite.

Now, shut down the tracks and the casinos, who generate money. Real smart move.

NYS closing down.......any takers? Buy us cheap. I have no doubt we could be had for magic beans!

[Stillriledup]

if you hit a big pick 6 at NYRA its a good idea to cash that ticket as soon as you can.