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http://www.saratogian.com/articles/2010/03/06/news/doc4b91d59583f22432182358.txt
NYRA: 'All bets off' if New York City OTB closes
By PAUL POST March 6, 2010

… OTB, even though it owes NYRA $15 million, has still been able to make statutory payments to NYRA this year. Sixty percent of those monies go to purses, and 40 percent to NYRA operations.

However, OTB says it will run out of money and be forced to close by the end of this month if the state Legislature doesn’t adopt swift cost-saving measures.

“I don’t think the Saratoga meet is in jeopardy at all,” NYRA President and CEO Charles Hayward told the

… Even if it gets through Saratoga, Hayward said NYRA’s cash flow typically drops off in autumn. He said the association will need money from the state to get through next winter, especially if an Aqueduct gaming operator isn’t named. Aqueduct is slated to get 4,500 video lottery terminals.

… “We’re in discussions with the state,” Hayward said. “They understand their obligations.”

… “NYRA is still radioactive in a lot of areas,” Hayward said. “There’s still a lot of people who have hatred for NYRA. I don’t know why. The state’s got to decide at some point whether they want to have a racing industry or not. Albany doesn’t really act until it’s crisis.”

“We’re close,” said Patrick Kehoe, NYRA vice president and general counsel.

Hayward said NYRA could generate considerable extra money if certain legislative and regulatory changes were made, but chided state officials for failing to act.

NYRA has also called for consolidation of services with OTB to save money. In January, a state OTB task force made a similar recommendation, but said NYRA shouldn’t take over OTB because of its own precarious financial condition.

“I think that report’s going to sit on a shelf and never be acted on,” Hayward said.