NYRA

[llegend39]

Not good news.......................

http://www.nydailynews.com/sports/more_sports/2011/10/14/2011-10-14_for_many_at_belmont_no_dice.html

[mannyberrios]

Not good news at all

[Bruddah]

The little guy at the bottom gets laid off and the inbred idiot at the top gets a raise. Makes sense, if you're an inbred idiot running the NYRA.


At the end of June, the New York State Franchise Oversight Board released the salaries of NYRA executives, which included raises.

NYRA President and CEO Charles Hayward now makes $475,000 annually, with Executive Vice President and Chief Operating Officer Ellen McClain making $350,000, General Counsel Patrick Kehoe $423,000 and Smukler $265,000.

[the little guy]

The little guy at the bottom gets laid off and the inbred idiot at the top gets a raise. Makes sense, if you're an inbred idiot running the NYRA.




I've read some unfortunate stuff on the internet, but this really takes the cake. You should be ashamed of yourself....yet the even sadder thing is you actually likely feel the opposite.

[PaceAdvantage]

The little guy at the bottom gets laid off and the inbred idiot at the top gets a raise. Makes sense, if you're an inbred idiot running the NYRA.


At the end of June, the New York State Franchise Oversight Board released the salaries of NYRA executives, which included raises.

NYRA President and CEO Charles Hayward now makes $475,000 annually, with Executive Vice President and Chief Operating Officer Ellen McClain making $350,000, General Counsel Patrick Kehoe $423,000 and Smukler $265,000.So what you're saying is, that the biggest circuit in the country, with the biggest simulcast handle, isn't allowed to compensate their executives fairly...hmmm....so you're saying they should make less than, say, what the folks running Oaklawn make? What do the folks at Oaklawn make? Do you know?

Are they running that track for free?

Oaklawn is your favorite track, so you should know what the people who run Oaklawn make.

I know, you'll say that Oaklawn is fantastic and that it makes money (don't know if it does or not), and that it draws crowds and how much better the racing is compared to a NYRA track like Sarato....ooops....wait a minute...I take that back...plus you throw Belmont and Aqueduct into the mix....

Tell me again how the salaries of top NYRA execs are not justified? How much simulcast handle does Oaklawn pull in every season? Is everyone around the country clamoring to bet on Oaklawn every year?

Also, what do you figure the ratio is of inbreds in Arkansas vs. New York? When you find out, let me know.

Then again, your signature line says it all, doesn't it?

[PaceAdvantage]

Here's the reality folks. People get laid off all the time. In every industry, especially during these economic times.

And here's a newsflash. In every one of those companies where lower salaried folks are getting laid off, there are executives at the top making six figures.

But, I get it. This is another thread where all the NYRA bashers can pile on, acting as if NYRA is the only organization where people making hourly wages or earn lower salaries get laid off...

I've gotten laid off in the past, and guess what? The boss at the TOP was STILL making his fat salary! Go figure.

How that makes him an inbred, I'll never figure out. But Bruddah appears to be the expert in that department. Wonder why?

[PaceAdvantage]

Hey, I just pulled these numbers off of HANA's 2011 chart.

Average Mutuel Pool at Saratoga: $443,527
Average Exotic Pool at Saratoga: $967,031

Average Mutuel Pool at Oaklawn: $130,468
Average Exotic Pool at Oaklawn: $193,314

So the execs at NYRA should be making at least 3-5 times MORE than the execs at Oaklawn.

Something tells me they don't, which means the real overpaid execs are working at Oaklawn, but we won't know for sure until Bruddah gets us those salary figures...

[takeout]

But, I get it. This is another thread where all the NYRA bashers can pile on,Thanks PA, believe I will:

Good job fellas. ‘Bout time for another pay raise isn’t it? :rolleyes:

[Tom]

No offense to the custodial staff, but I am sure they do not contribute anywhere near the value to NYRA as the top guys do. Anyone can do a custodial job. How many could run the whole show?

[PaceAdvantage]

Thanks PA, believe I will:

Good job fellas. ‘Bout time for another pay raise isn’t it? :rolleyes:What an insightful comment. :rolleyes:

Let me ask you this. Let's say Genting offers to take over what they are taking over and NYRA had the ability to say "no thanks...we'll keep our own custodial staff on hand as well as all those other unfortunate people who will be losing their job as the result of the Casino opening and Genting taking over those job roles."

You know what you'd be doing? You'd be criticizing NYRA for keeping that staff on hand instead of accepting Genting's offer and saving NYRA money.

So no matter how this went down, you, Jerry Bossert at the Daily News, and every other little armchair NYRA critic would have their say.

It seems in your haste, you and every other NYRA critic missed this part from Bossert's own "article,"

Resorts World New York will be operated by Genting, which becomes Aqueduct's landlord. The company will use its own staff to clean and care for the building and casino, which is scheduled to open on Oct.28.

[Linny]

I would think that the best course of action would be for NYRA to encourage Genting to hire as much of the custodial staff as possible.

To make this a fat cat vs. little guy argument is silly. If the size of the facility that NYRA actually operates is cut in 1/2 it stands to reason that they need only 1/2 the maintainance staff. (In fact the grandstand has been closed for years so I'm surprised that those jobs didn't vanish years ago.)Similarly, if Genting is taking over the parking lots NYRA will not need parking attendents. A friend of mine who is a longtime NYRA employee has already secured a position with Genting. Do you expect them to fire the CEO and Senoir VP but keep on 10 unneeded maintenancemen?

[Broad Brush]

I feel bad for those losing their jobs, but this is just another sign of racing going
down the drain.

The casino operator is the landlord not the tennant??

How pitiful. Will they only clean the casino part of the building?

Counting on slots money will lead to the end of racing.
It is a short term fix. All it does is make the tracks lazy once they get the money
and they stop trying to figure out how to get the public to take an interest
in wagering on the outcome of horse races.

This is so painful for me to watch this happen to what has always been
and always will be my favorite sport and thing do.

I can't understand why all slot money tracks get must go to purses.

Why not have betting voucher give-aways?
Why not put together national betting contests that people might take an
interest in. The horsemen & owners give up nothing for slots and get huge purses. The horseplayer is squeezed aside by the casino and ignored and we get nothing???

The continued ignoring and in most cases despising the horseplayer by the game has got it to where it is today.

Track management--I hate them all.

[PaceAdvantage]

Lovely. Now Broad Brush is already condemning something at NYRA that hasn't even happened yet... :lol:

That might be a first...but I doubt it...

[jelly]

I feel bad for those losing their jobs, but this is just another sign of racing going
down the drain.

The casino operator is the landlord not the tennant??

How pitiful. Will they only clean the casino part of the building?

Counting on slots money will lead to the end of racing.
It is a short term fix. All it does is make the tracks lazy once they get the money
and they stop trying to figure out how to get the public to take an interest
in wagering on the outcome of horse races.

This is so painful for me to watch this happen to what has always been
and always will be my favorite sport and thing do.

I can't understand why all slot money tracks get must go to purses.
Why not have betting voucher give-aways?
Why not put together national betting contests that people might take an
interest in. The horsemen & owners give up nothing for slots and get huge purses. The horseplayer is squeezed aside by the casino and ignored and we get nothing???

The continued ignoring and in most cases despising the horseplayer by the game has got it to where it is today.

Track management--I hate them all.




Do you think the media/reporters will ask why? :lol:

[the little guy]

Do you think the media/reporters will ask why? :lol:

How the money is divided, and where it goes, is mandated by State law. This information is actually extremely well documented and easy to find.

[Cardus]

The little guy at the bottom gets laid off and the inbred idiot at the top gets a raise. Makes sense, if you're an inbred idiot running the NYRA.


At the end of June, the New York State Franchise Oversight Board released the salaries of NYRA executives, which included raises.

NYRA President and CEO Charles Hayward now makes $475,000 annually, with Executive Vice President and Chief Operating Officer Ellen McClain making $350,000, General Counsel Patrick Kehoe $423,000 and Smukler $265,000.

Irresponsible and classless.

I am not even mildly surprised.

[Broad Brush]

"Where the money goes is mandated by state law"

As if this had to be this way. When the deals and give and take were going on,
nobody stuck up for the horseplayer. We were doomed to get nothing.

This game keeps thinking that bigger purses and bigger fields will lead to overall
growth. INCORRECT!!! It only moves the betting handle from one track to another. It does not increase the amount of people following the game.
This game can survive for only so much longer on the same shrinking
group of players.

As for critizing NYRA for doing something they have not yet done,
the fact that they are now the "tennant" and the casino is the "landlord"
in their own track which runs 6 months a year says it all about the concern
for the horseplayer.

[Tom]

Why are those salaries too high?
What would be appropriate pay, and specific reasons why.

[Tom]

The casino runs 12 months a year.
And be thankful the casino allows the tack to stay.
That will be changing soon enough everywhere.

It makes no sense to keep operating tracks that leech revenue from the casinos and tie up lots of valuable land that doesn't bringing it's fair amount for revenue and costs taxes.

When casinos flex their muscles, race tracks will go away.

Enjoy the crumbs will they keep throwing them out to us.

[PaceAdvantage]

As for critizing NYRA for doing something they have not yet done,
the fact that they are now the "tennant" and the casino is the "landlord"
in their own track which runs 6 months a year says it all about the concern
for the horseplayer.I will reserve further comment until I understand exactly this "tennant/landlord" thing that Bossert speaks of in his article.

Because, if they are the landlord, why not just kick out NYRA and take over the entire property with more casino space?

Obviously, they aren't exactly a landlord then, are they?

The state is NYRA's landlord. Along with Genting. Everything must go through them.

[sandpit]

I live about halfway between Oaklawn and the NYRA tracks and I enjoy them both, so I have no favoritism towards one or the other. God knows how the NYRA exec salaries are determined, I imagine it's a gov't thing in some respect, but since Charles Cella and his family own and run Oaklawn Park, he can pay himself (and anybody in the organization) whatever he wants; he's the one taking all the risk.

Comparing the exec salaries of these two entities is really an apples to oranges thing.

[PaceAdvantage]

Comparing the exec salaries of these two entities is really an apples to oranges thing.Indeed it is, considering the state-run environment NYRA operates under.

But it's not entirely apples to oranges. There are executives involved in both operations. Mr. Cella obviously doesn't run the track by himself. Then again, it is a boutique meeting and doesn't operate year-round.

Perhaps we can come up with better examples. I only used Oaklawn because I know that is our "dear friend" Bruddah's favorite haunt.

[NTamm1215]

The little guy at the bottom gets laid off and the inbred idiot at the top gets a raise. Makes sense, if you're an inbred idiot running the NYRA.


At the end of June, the New York State Franchise Oversight Board released the salaries of NYRA executives, which included raises.

NYRA President and CEO Charles Hayward now makes $475,000 annually, with Executive Vice President and Chief Operating Officer Ellen McClain making $350,000, General Counsel Patrick Kehoe $423,000 and Smukler $265,000.

This is really a disgraceful post.

[igiveupregistering]

Indeed it is, considering the state-run environment NYRA operates under.

But it's not entirely apples to oranges. There are executives involved in both operations. Mr. Cella obviously doesn't run the track by himself. Then again, it is a boutique meeting and doesn't operate year-round.

Perhaps we can come up with better examples. I only used Oaklawn because I know that is our "dear friend" Bruddah's favorite haunt.

The REAL comparison track for track is Churchill Downs vs NYRA.
That is somewhat more comparitive


Robert L. Evans
Chief Executive Officer
CHURCHILL DOWNS INC (CHDN)
Headquarters: LOUISVILLE, KYAmusement And Recreation Services
In 2010, Robert L. Evans received $7,368,052 in total compensation. By comparison, the median worker made $33,840 in 2010. Robert L. Evans made 217 times the median worker's pay.

[jelly]

How the money is divided, and where it goes, is mandated by State law. This information is actually extremely well documented and easy to find.





How convenient.

[dansan]

damn they make more than the president of the USA

[Cardus]

How convenient.

So, you think that NYRA wants it this way?

[Cardus]

It's predictable that a media type would publish those salary figures.

Placing those salaries into proper context would require responsibility, research, and most importantly, intellectual honesty.

[Cardus]

This is really a disgraceful post.

It wasn't his first, and will not be his last.

[GatetoWire]

The little guy at the bottom gets laid off and the inbred idiot at the top gets a raise. Makes sense, if you're an inbred idiot running the NYRA.


At the end of June, the New York State Franchise Oversight Board released the salaries of NYRA executives, which included raises.

NYRA President and CEO Charles Hayward now makes $475,000 annually, with Executive Vice President and Chief Operating Officer Ellen McClain making $350,000, General Counsel Patrick Kehoe $423,000 and Smukler $265,000.


Those salaries are pretty low.

You guys should wake up and look at what execs make across the country. Then you might have something to complain about.

[toussaud]

I don't know why the OP is getting nailed to the cross.

The issue is not per say the amounts of the salary. $450k isn't a hell of alot of money in the world of Excutive pay. The issue is that they are cutting jobs, while raising their pay, and they are on track to lose 11 million dollars this year

http://www.usatoday.com/sports/horses/2011-06-27-2959829122_x.htm


The year before that they lost 17 million dollars.

So they get the deal with Genting, they are projected to be in the black next year, and hte first thing they do, is give themselves raises while at the same time letting almost 100 people go?

I get, that there is not much they can do about the Genting contract outside of encouraging the employees to try to get on with Genting. But, giving yourself the proverbial slap on the back by giving yourself a raise while you lay off 100 people isn't going to sit right with alot of people, regardless of what snide comments you make.

I live about halfway between Oaklawn and the NYRA tracks and I enjoy them both, so I have no favoritism towards one or the other. God knows how the NYRA exec salaries are determined, I imagine it's a gov't thing in some respect, but since Charles Cella and his family own and run Oaklawn Park, he can pay himself (and anybody in the organization) whatever he wants; he's the one taking all the risk.

I don't think anyone gives a damn how much a CEO makes as long as the track is self sufficient and making money. If Cella Wants to pay his son 10 million dollars a year more power to him. Oaklawn puts out a good product.

The reason that people are up in arms about the layoffs is the exact same reason we have an occupy wall street movement going on at this moment across the America. Taking money from the state/government, giving yourself raises and bonuses, while laying off the little guy, doesn't add up. Bank of America took about 140 billion dollars from the government, gives it's CEO a 9 million dollar bonus, yet has to "restructure" to layoff 30,000 people. I'm not the judge and executioner, and i have run a business for the vast majority of my adult life, i get both sides, but you can't expect people to not be peeved with that, it does look pretty bad. There is a fine line between keeping the best of your executive talent, and being financially irresponsible. If you are going to reward negative behavior what is the incentive to work hard?

the answer? There isn't.

[PaceAdvantage]

The people up in arms about Wall St. are misdirecting their rage and anger because they are ignorant and misinformed, not unlike some people in this very thread.

[PaceAdvantage]

I don't think anyone gives a damn how much a CEO makes as long as the track is self sufficient and making money. If Cella Wants to pay his son 10 million dollars a year more power to him. Oaklawn puts out a good product.And NYRA doesn't? Do I need to trot out the handle numbers again?

These people are unfortunately being laid off because Genting is going to be taking over their duties with their own people, thereby allowing NYRA to save money...unless you think NYRA should foolishly keep these people on its payroll, thereby employing a redundant and unnecessary workforce and waste serious cash.

Of course, if NYRA did just that, I'm sure you'd be on here praising NYRA and not nailing them to the cross for their awful business sense in that they are keeping people employed who are totally useless to the operation... :rolleyes:

As for executive pay, there comes a point where you have to be competitive with salaries, or else you risk losing your "talent." I'm not sure what world you're living in, but it sounds like it might not be the real one.

[PaceAdvantage]

I can't believe some in this thread are getting their feathers ruffled over a 3% raise, the first in three years.

I'm glad you pointed out though that NYRA is headed in the right direction. They went from losing $17M to only projecting a loss of $11M this year. Of course, you don't spell out exactly HOW they lost that money, because that would pull some steam out of your "argument." (Being owed $28M by the now bankrupt NYC OTB probably doesn't help, does it?) It's pretty convenient that $17M+$11M = $28M, isn't it? Being that they are a not-for-profit organization, it looks like the failing NYC OTB is the source of most of their profit woes the last two years.

But again, it looks like they're headed in the right direction, and once the casino is up and running, they should be back in black (remember, they are a not-for-profit pseudo corp)...then there won't be any more complaining, now will there?

[toussaud]

They went from losing $17M to only projecting a loss of $11M this year. Of course, you don't spell out exactly HOW they lost that money, because that would pull some steam out of your "argument."]

No, i didn't spell it out because it's sunday night and Boardwalk empire was about to start. Unlike some,I have a life outside of horse racing and this isn't really isn't all that serious.


But again, it looks like they're headed in the right direction, and once the casino is up and running, they should be back in black (remember, they are a not-for-profit pseudo corp)...then there won't be any more complaining, now will there?


What I don't get, seriously, not griping, is your and other's bad mouthing of people simply voicing their opinions in a thread.

this isn't life or death to me. I don't play NYRA all that often, but the thread came up and i offered an opinion. you either agree with it or you don't. Nothing is going to get settled on an internet forum, lol, especially this one.

But, for someone, rather you agree with them or not, to come out and say something only to get blasted into next universe with backhanded comments and snide remarks, reeks of someone with an agenda. What agenda, I really don't know nor do I care. The day I actually do care, is the day I spend entirely to much time here.

Not just talking about this thread, not really talking about this thread whatsoever, i laid out what i had to say, you either agree or you don't, I'm not going to lose sleep either way. But, this place would be alot better off if the snide remarks or the cliques stopped. People should be able to say what they wish to say without worrying about being blasted into the next century by someone who "doesn't agree with them".

I'm not going to toot my own horn or antyhing but I know a thing or two about how to run a business, about business pay, alot more than a handicapper who reads press clippings and makes wagers ever will. I, more than anyone on this damn forum, knows what it means to self sacrifice in the name of the company while things are not going good, then having to deal with the inevitable bickering because you are bringing yourself/lifestyle/pay grade up to standard when things move the other way, believe you me I am more then enough qualified to offer my opinion. Rather you agree with it or not, that's up to you, i could care less.


But if you want the free flow of ideas to continue, don't bash the people up side the head, just because you don't agree with them.

[PaceAdvantage]

]

No, i didn't spell it out because it's sunday night and Boardwalk empire was about to start. Unlike some,I have a life outside of horse racing and this isn't really isn't all that serious.It took me two sentences to spell it out.

And if it isn't all that serious, why comment in the first place?

[Tom]

If you want accurate reporting on NYRA racing, save your money - don't buy a NY paper. You only get the news the way they want it to be. Bunch of hacks pretending to be reporters.

[Robert Goren]

If the NYRA execs are doing such a great job, why do they need slot money? They like most racing execs are killing racing with their incompetence. That being said their salaries are not out of line with what other racing execs are being paid.
Hopefully the "little people" laid off will be given a chance to go to work for the gaming company.

[Canarsie]

The state is NYRA's landlord. Along with Genting. Everything must go through them.


I have no objection to an executive making as much money as possible. Lots of times it involves 16 hour work days and the odds are in favor on him or her getting divorced because of their job. I never really paid attention to it but almost every President leaves office with grey hair maybe executives have the same thing happen to them.


What does bother me is that NYRA wouldn't reveal it's budget or salaries when originally asked.

Here's a NY Post editorial.

http://www.nypost.com/p/news/opinion/editorials/racing_toward_trouble_dFAgWQzUq6MwD0HDwGlLZP


If ANYONE wants to attack me for posting an editorial from a Rupert Murdoch owned company bring it on. You know the same guy who owns Fox News.

I'm not agreeing with all of the editorial but lets be fair here. In reality I do expect some name calling directed my way. But I'm a big boy and can handle it. I'm not going to rubber stamp anything that I feel poses integrity issues.

[aaron]

If the NYRA execs are doing such a great job, why do they need slot money? They like most racing execs are killing racing with their incompetence. That being said their salaries are not out of line with what other racing execs are being paid.
Hopefully the "little people" laid off will be given a chance to go to work for the gaming company.
Robert-
You got it right.
For the most part, I really don't care what the exec's get paid. Racing seems to have a universal problem,they cannot be profitable on their own. Everyone has an excuse and some are valid. NYRA made bad deals many years ago and that is their excuse for not making money today.At some point NYRA and the other race track operators have to stand on their own. Unfortunately,I don't see that happening. What is more likely to happen is slot operators will realize horseracing is just taking money from them and not offering anything positive in return.
Also,this post is not to blame NYRA or any other operator,because I don't know if there is any solution to this problem.

[classhandicapper]

I'm glad you pointed out though that NYRA is headed in the right direction. They went from losing $17M to only projecting a loss of $11M this year. Of course, you don't spell out exactly HOW they lost that money, because that would pull some steam out of your "argument." (Being owed $28M by the now bankrupt NYC OTB probably doesn't help, does it?) It's pretty convenient that $17M+$11M = $28M, isn't it? Being that they are a not-for-profit organization, it looks like the failing NYC OTB is the source of most of their profit woes the last two years.


To be fair, I think we should tell the whole story. I'm not sure why I am elaborating on all this, but it's worth knowing how it all really went down.

When OTB folded it still had millions of dollars in its accounts. However, it was in restricted accounts because of the IOUs to NYRA, the union, and other creditors. So it couldn't use it to continue operating.

The deal on the table at the end was for OTB to hand over the lucrative phone and computer wagering customers IN TACT to settle all the debts to creditors (NYRA was getting the best of that deal because they were worth more than the IOUs despite all the BS on the subject).

The problem occurred when the deal agreed to by union members from OTB who were taking huge layoffs and pay/benefit cuts, NYRA and other creditors, OTB management etc... was not passed by the state. It missed by a couple of votes.

OTB was then closed and NYRA had to scramble to get the customers that were going to be handed over (some of which they lost).

NYRA would have made out like a bandit because they would have gotten all the best parts of OTB without having to scramble. It wasn't NYRA's fault it didn't happen (unless something was going on behind the scenes in Albany). It just happened that way because of the politicians. The only downside to NYRA would have been that OTB would have still operated a handful of the most lucrative branches in the city and NYRA would not have had control. NYRA agreed because overall it was a good deal for everyone (including the state who is now paying unemployment, medicaid, food stamps etc.. to 1000 former OTB employees)

There was testimony in Albany (that I heard) that the money in the restricted accounts WAS handed over to NYRA as a partial settlement. AS far I know, none of the other creditors got a nickle. And of course, NYRA picked up at least some of the computer and lucrative phone betting customers to add to it's own revenue from those sources.

If you would like me to find out the exact total, I still have sources that probably know, but I am certain it was many millions.

[thaskalos]

I have no objection to an executive making as much money as possible. Lots of times it involves 16 hour work days and the odds are in favor on him or her getting divorced because of their job. I never really paid attention to it but almost every President leaves office with grey hair maybe executives have the same thing happen to them.


What does bother me is that NYRA wouldn't reveal it's budget or salaries when originally asked.

Here's a NY Post editorial.

http://www.nypost.com/p/news/opinion/editorials/racing_toward_trouble_dFAgWQzUq6MwD0HDwGlLZP


If ANYONE wants to attack me for posting an editorial from a Rupert Murdoch owned company bring it on. You know the same guy who owns Fox News.

I'm not agreeing with all of the editorial but lets be fair here. In reality I do expect some name calling directed my way. But I'm a big boy and can handle it. I'm not going to rubber stamp anything that I feel poses integrity issues.
The NYRA is not a sacred institution...it is just a corporation; and as such, it deserves to be criticized...especially when its business practices are questionable.

When they received over $100 million from the state in 2008 (along with millions more in forgiven loans already in the books), they agreed to have their financial affairs audited by the state comptroller.

Of course, once they received the money they needed, they refused to comply with the conditions of the agreement under which they received the funds...and fought to keep their finances away from the scrutiny of the state.

And instead of being reprimanded by the state...they have been rewarded with a casino licence.

It makes about as much sense as anything else in this game I guess...:rolleyes:

[classhandicapper]

If you would like me to find out the exact total, I still have sources that probably know, but I am certain it was many millions.

It was 14 million, but apparently no one that knows where it went is telling anyone. The "assumption" is NYRA because they were the largest creditor, but that is not necessarily true. All that the OTB union knows for certain is that it did not get a penny (the union was also also a creditor). The union wanted to use any money owed to it that it could recover (its percentage of the 14M) to help support OTB retirees that lost their health care coverage at the time of closure because they were in dire need of help and unemployable. That is still the case. But the 14 million is in someone else's pocket.

[classhandicapper]

If the NYRA execs are doing such a great job, why do they need slot money? They like most racing execs are killing racing with their incompetence. That being said their salaries are not out of line with what other racing execs are being paid.
Hopefully the "little people" laid off will be given a chance to go to work for the gaming company.

Last I heard, the gaming company had already hired everyone they need for the first phase opening.

[PaceAdvantage]

The NYRA is not a sacred institution...it is just a corporation; and as such, it deserves to be criticized...especially when its business practices are questionable.

When they received over $100 million from the state in 2008 (along with millions more in forgiven loans already in the books), they agreed to have their financial affairs audited by the state comptroller.

Of course, once they received the money they needed, they refused to comply with the conditions of the agreement under which they received the funds...and fought to keep their finances away from the scrutiny of the state.

And instead of being reprimanded by the state...they have been rewarded with a casino licence.

It makes about as much sense as anything else in this game I guess...:rolleyes:Oh, I really doubt it's as cut and dry as you make it out to be...

[PaceAdvantage]

It was 14 million, but apparently no one that knows where it went is telling anyone. The "assumption" is NYRA because they were the largest creditor, but that is not necessarily true. All that the OTB union knows for certain is that it did not get a penny (the union was also also a creditor). The union wanted to use any money owed to it that it could recover (its percentage of the 14M) to help support OTB retirees that lost their health care coverage at the time of closure because they were in dire need of help and unemployable. That is still the case. But the 14 million is in someone else's pocket.That's not what I have read. What is the source for your $14M number?

There was an interview with Hayward in August where he says they got $8M, not $14M.

http://www.elmont.org/news-mainmenu-2/news-area-news/6647-nyra-president-weathers-storms.html

A: It's a lot better than it was a year ago. On Dec. 7, 2010, New York City OTB closed down. They owed us $28 million. Fortunately we got $8 million of that, but we took a write-off of $20 million, which resulted in a significant loss last year. They were 11 percent of our net revenue. So we were worried, but we did a number of different things -- we bused people out to Aqueduct; opened up Belmont Cafe, that's now going to be the biggest simulcasting facility in the state; Aqueduct's operating now for the first time while we're here at Saratoga. We've been able to regroup and retain about 35 percent of that business. On the revenue side, that's almost enough to get us about to break even.

[PaceAdvantage]

If ANYONE wants to attack me for posting an editorial from a Rupert Murdoch owned company bring it on. You know the same guy who owns Fox News.

I'm not agreeing with all of the editorial but lets be fair here. In reality I do expect some name calling directed my way. But I'm a big boy and can handle it. I'm not going to rubber stamp anything that I feel poses integrity issues.What the hell does Murdoch or Fox News have to do with any of this?

Expect some name calling? WTF?

I'm about to shut this thread down...so F-ing ridiculous around here whenever the subject is NYRA, Beyer or anything else I happen to like... :lol:

[igiveupregistering]

The NYRA is not a sacred institution...it is just a corporation; and as such, it deserves to be criticized...especially when its business practices are questionable.
When they received over $100 million from the state in 2008 (along with millions more in forgiven loans already in the books), they agreed to have their financial affairs audited by the state comptroller.

Of course, once they received the money they needed, they refused to comply with the conditions of the agreement under which they received the funds...and fought to keep their finances away from the scrutiny of the state.

And instead of being reprimanded by the state...they have been rewarded with a casino licence.

It makes about as much sense as anything else in this game I guess...:rolleyes:

Oh my...

NYRA cannot do anything w/o the NYSRWB approving every iota of their opertion as per your comment that:

]The NYRA is not a sacred institution...it is just a corporation; and as such, it deserves to be criticized...especially when its business practices are questionable.

The state dictates how much of the NYRA handle goes to NYRA operations and the rest to the state coffers divided between education and local municipalities. NYRA cannot go the the "john" w/o asking "mother may I" :sleeping: of the NYSRWB that CONTROLS NYRA.

You conveniently ignore the FACT that the NYOTB owed NYRA 28 million in unpaid franchise fees. You don't understand the FACT that in exchange for getting the license to run racing in NY, NYRA gave up ownership of the LAND where Belmont/Aquduct operate.

Let me explain...the LAND where NYRA tracks are located is worth BILLIONS. NYRA has OWNED THE LAND SINCE 1955.
In exchange for racing license fromn the NYSRWB, NYRA turned over deeds to NYRA tracks, the STATE "loaned NYRA" the cash to get through the Spitzer fiasco and the NYOTB deadbeats.

NYRA gave up alot more than your fake figure of 100 million. It was more like 25 million...but nothing compared to the value of NYA's real estate.

NYRA is a NOT for profit organization not a corporation. Why don't YOU comment in Evans annual 7,000,000+ salary for CDI?

Why not complain about Evans' salary and explain exaxtly WHAT benefit YOU as a gambler are receiving from CDI :lol: :lol: :lol:

[thaskalos]

Oh my... I landed in the " Land of the Stupids" here.

NYRA cannot do anything w/o the NYSRWB approving every iota of their opertion as per "your stupid comment" that:

]The NYRA is not a sacred institution...it is just a corporation; and as such, it deserves to be criticized...especially when its business practices are questionable.

The state dictates how much of the NYRA handle goes to NYRA operations and the rest to the state coffers divided between education and local municipalities. NYRA cannot go the the "john" w/o asking "mother may I" :sleeping: of the NYSRWB that CONTROLS NYRA.

You conveniently ignore the FACT that the NYOTB owed NYRA 28 million in unpaid franchise fees. You are too dumb to understand the FACT that in exchange for getting the license to run racing in NY, NYRA gave up ownership of the LAND where Belmont/Aquduct operate.

You seem to be "slow" so I'll explain...the LAND where NYRA tracks are located is worth BILLIONS. NYRA has OWNED THE LAND SINCE 1955.
In exchange for racing license fromn the NYSRWB, NYRA turned over deeds to NYRA tracks, the STATE "loaned NYRA" the cash to get through the Spitzer fiasco and the NYOTB deadbeats.

NYRA gave up alot more than your fake figure of 100 million. It was more like 25 million...but nothing compared to the value of NYA's real estate.

NYRA is a NOT for profit organization not a corporation. Why don't YOU comment in Evans annual 7,000,000+ salary for CDI? That is 7 MILLION plus annually since you are clearly challenged by some defect and may not be able to compute all the 0's in Evans' salary.

Why not complain about Evans' salary and explain exaxtly WHAT benefit YOU as a gambler are receiving from CDI :lol: :lol: :lol:
Now I see why Canarsie was worried about name calling...

I'll tell you what my "informed" friend...

I will bet you all the money you can borrow that the NYRA is indeed a corporation...regardless of its not-for-profit status.

And I am not concerned in the least with what they, or CDI, pay their employees...

My post was just a response to Canarsie, who mentioned that NYRA would not disclose its budget or salaries when asked...and who expressed concern that he might be verbally attacked if he criticized them...

Now I see what he meant...

If you REALLY want to see who is "stupid"...I suggest you look in the mirror.

[PaceAdvantage]

And to think, I thought I had cleaned up that reply before thaskalos got to it...I guess I was too slow...thaskalos didn't deserve that kind of reply...

I'm shutting this thread down...sorry...