Nyra

[Odds-On]

NYRA Defends Financial Report at Meeting

The head of the New York Racing Association tangled with a state financial oversight board member Aug. 16 in a seemingly annual dispute over how the racing corporation reports on its financial performance.

"Stop," said Steve Newman, a member of the New York state Franchise Oversight Board, who interrupted a NYRA executive who was presenting an otherwise pro forma report on NYRA's second-quarter financial results.

READ THE REST HERE:

http://www.bloodhorse.com/horse-raci...ort-at-meeting

[dilanesp]

Glad to see someone challenging NYRA on their BS.

To be fair, though, the NYRA guy is right that Saratoga brings in a lot of money.

[Cratos]

NYRA should be an independent stand alone private business entity who pays taxes and fees to New York State without the state's oversight.

[the little guy]

Originally Posted by dilanesp

Glad to see someone challenging NYRA on their BS.

To be fair, though, the NYRA guy is right that Saratoga brings in a lot of money.

What BS is that exactly?

[classhandicapper]

Without actually seeing the books we are all speculating, but most public companies provide both consolidated and segment data so analysts and shareholders can decide for themselves how the company is performing. NYRA (even though it's not a publicly traded company) should probably present both also. Perhaps that info is there.

[dilanesp]

Originally Posted by the little guy

What BS is that exactly?

Did you read the OP?

[the little guy]

Originally Posted by classhandicapper

Without actually seeing the books we are all speculating, but most public companies provide both consolidated and segment data so analysts and shareholders can decide for themselves how the company is performing. NYRA (even though it's not a publicly traded company) should probably present both also. Perhaps that info is there.

Funny stuff.

[thaskalos]

If the NYRA ran funeral homes...the people would stop dying.

[the little guy]

Originally Posted by dilanesp

Did you read the OP?

This is an act....right?

[the little guy]

Originally Posted by thaskalos

If the NYRA ran funeral homes...the people would stop dying.

No, dilanesp would accuse them of killing people to stay in business.....and Classhandicapper would agree with him.

[JustRalph]

Is there any race track in America that also has a casino, that is profitable without the casino?

[SuperPickle]

Originally Posted by the little guy

No, dilanesp would accuse them of killing people to stay in business.....and Classhandicapper would agree with him.

Andy's right if NYRA isn't truly turning a profit I got a bridge in Brooklyn to sell you.

In politics this is called the USPS argument. All the time you see politicians talk about how the post office is broke. Yet it makes no logical sense because with the growth of E-Commerce and Amazon the Post Office ships more items than ever. The answer is simple. After Congress and the Senate get their chance to cut into the Post Office revenue and than you factor in long ago agreed upon pensions and financial obligations on paper there's a deficit. However the deficit is in no way a reflection on the work of the people who actually run the USPS.

Same deal here. NYRA makes money. But after Albany takes what they want of the money and NYRA has to pay for financial obligations and debts that pre-date the current operators the number comes out negative. But its silly to than use this as some example that the people running NYRA are doing a poor job or that change needs to happen.

To sum it up its like a mugger calling you financially irresponsible after he takes your wallet.

[classhandicapper]

Originally Posted by the little guy

No, dilanesp would accuse them of killing people to stay in business.....and Classhandicapper would agree with him.

Just one time in my life I'd like to understand WTF you are thinking or talking about, but I doubt that will ever be the case. Your problem is that you take every comment about NYRA as a personal attack without even trying to understand what people are actually saying (or asking them if it's not clear,). You go in assuming the worst and then see the worst even when it's not there. Not one word of anything I said above about NYRA was negative. The fact is, I'm on your side dude! I want you and NYRA to do well. That's where I often play. That's where I often hang out. That's where I run horses I own a piece of. I'd be an idiot if I wasn't on your side.

I know you were in the financial business at one time. So you've probably read some annual reports, 10Ks, or listened to various company conference calls. Most analysts and shareholders like details on the business segments broken out to go along with the consolidated numbers. It gives you a better feel for which areas of the business are growing, which are shrinking, which are profitable, and which are not. I know I do when I am a shareholder.

I specifically said that the information may be available in whatever financial statements have been presented, but I haven't seen them. So I don't know what is actually going on.

The only point I was making is that both sides may have a point in the debate about the casino money and any associated expenses.

Consolidated numbers matter because the money NYRA receives from the casino is part of their business. However, to fully understand the operations, it does make sense to break the numbers out so people can see how the operations are doing without the casino money given that there are people in government that would like to get their hands on it for other uses.

It's all moot other than what the numbers actually are and if NYRA's opponents can get their hands on it (which would not be good for me as an owner).

[the little guy]

If there is a cliff notes version of the above post I might take a look at it.

[classhandicapper]

Originally Posted by the little guy

If there is a cliff notes version of the above post I might take a look at it.

You have a problem assuming the worst when NYRA is discussed. You would be better served asking what people mean when it's not clear. Then maybe I could keep my follow up comments brief and not use up your precious time reading them. Then again, since you never read them, that explains a lot.