PETA lawsuit seeks to block NY's $455M loan to NYRA for Belmont Park

[Andy Asaro]

Lawsuit seeks to block NY's $455M loan to NYRA for Belmont Park
Lawsuit backed by PETA asserts the NYRA loan in this year's state budget represents "an illegal and unconstitutional expenditure"

https://www.timesunion.com/state/art...edium=referral

[Redboard]

With many cities buying teams MLB & NFL stadiums, I don't see how they have a leg to stand on.

[Publius]

Originally Posted by Andy Asaro

Lawsuit seeks to block NY's $455M loan to NYRA for Belmont Park
Lawsuit backed by PETA asserts the NYRA loan in this year's state budget represents "an illegal and unconstitutional expenditure"

https://www.timesunion.com/state/art...edium=referral

Frivolous lawsuit by a fringe group.

[Robert Fischer]

I thought if we promised a (3rd surface) synthetic surface, that they would be supportive of horse racing


maybe we can negotiate and make sacrifices and they will be happy

[thaskalos]

With racetrack attendance plummeting nationwide...how does the state justify making such a massive loan? How does authorizing such a loan make any economic sense?

[ScottJ]

Originally Posted by thaskalos

With racetrack attendance plummeting nationwide...how does the state justify making such a massive loan? How does authorizing such a loan make any economic sense?

If Aqueduct reaches its endpoint (as forecast within the next decade one way or the other) and downstate racing is concentrated at Belmont, how does the entire backbone of the racing season on the east coast at Saratoga survive without investment in the overall racing cycle?

I am absolutely gobsmacked that so many intelligent horseracing patrons believe that the Saratoga golden-goose will continue to exist without investment in the downstate year-round (or near year-round) program.

If you believe that the $450M investment should be curtailed, you have already decided to end the New York franchise.

[thaskalos]

Originally Posted by ScottJ

If Aqueduct reaches its endpoint (as forecast within the next decade one way or the other) and downstate racing is concentrated at Belmont, how does the entire backbone of the racing season on the east coast at Saratoga survive without investment in the overall racing cycle?

I am absolutely gobsmacked that so many intelligent horseracing patrons believe that the Saratoga golden-goose will continue to exist without investment in the downstate year-round (or near year-round) program.

If you believe that the $450M investment should be curtailed, you have already decided to end the New York franchise.

I am looking at this from the lender’s point of view. You are lending mega-bucks to renovate a racetrack at a time when the racetrack grandstands nationwide are empty…and almost all the wagered dollars are coming from out of state. Does this make any economic sense?

When the state senator said that this renovation would turn Long Island into a “thriving entertainment hub”…was he saying this with a straight face? I mean…I could understand spending mega dollars updating the ancient technology which handles the money and helps secure the wagering pools because this would likely improve the game’s bottom line by restoring the public confidence in the game…but this would need to be done nationwide in order to be effective. Just improving a racing facility which remains largely empty makes no sense to me, economically speaking.

[o_crunk]

Some of the claims made by NYRA about what the loan will do are laughable.

Here's an article from a while back where the consultant NYRA hired to make the economic case for the renovations is interviewed. It's quite funny if you follow racing.

https://nysfocus.com/2023/03/01/new-...=pocket_reader

The consultant claimed that the renovation will lead to more races since the track will be winterized. The consultant claimed that attendance just from the expected Breeders' Cup alone will account for 120,000 new fans. The consultant then goes on to say that because of these renovations NYRA will be able to conduct racing year round which will lead to more full time jobs.

This is someone NYRA hired and he did such a good job they then sent him to be interviewed by the media to make the case.

The government does all sorts of silly subsidizing of industry. Supposedly NYRA will pay back this loan. There is nothing wrong with what NYRA is trying to do - it makes zero sense to have 2 tracks a couple miles apart.

However, this consultant didn't make much of a compelling case for the loan IMO. He doesn't understand the broader racing economic situation at all. And I suspect none of the people involved in selling this loan or the people tasked with approving it understand it either. Just some made up numbers based on nothing resembling reality.

[Redboard]

Having the Breeders Cup at a newly renovated Belmont would be awesome, but if they think they're going to get as much much money for a ticket as they do for a NFL/MLB/NBA playoff game, it ain't happening.

[Thomas Roulston]

The opening of the Tapeta track at Belmont will be Aqueduct's death knell.

[the little guy]

Originally Posted by Thomas Roulston

The opening of the Tapeta track at Belmont will be Aqueduct's death knell.

This is akin to saying "it's better to have your slippers wear out dancing than to have your feet cut off."

[classhandicapper]

If we are going to have racing in NY, which I think all of us want, getting rid of AQU and updating Belmont makes sense. It makes no sense to have a large (and getting older) facility like the current Belmont. It has to cost a LOT to maintain it and most of it is not even in use. The real question is how large the new Belmont grandstand should be. Day to day, you don't need much of a facility. But you do need a decent sized facility for Belmont Stakes day, Breeder's Cup and maybe a couple of other big days. I'm not sure how they should have balanced that.

The main point is that if you want NY racing long term, you have to fix Belmont PERIOD.

If you think racing should go away and the money used for other purposes or if you think the facility they are building is still too large and costly, those are other issues.

I certainly think the attendance projections helping justify the money are pretty silly. But something had to be done to keep racing in NY.

[azeri98]

Originally Posted by Thomas Roulston

The opening of the Tapeta track at Belmont will be Aqueduct's death knell.

Ya the winter racing has been great in New York the last couple of years. Gotta love those 5 and 6 horse fields all winter.