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New York News

NYRA: Trials & Tribulations Continue

By Dave Lucas

http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-885260.mp3

Albany, NY – The New York Racing Association continues to experience financial troubles, compounded by major problems facing the horseracing industry. Capital District Bureau Chief Dave Lucas reports.

In 2008 NYRA negotiated franchise, settlement and lease agreements with the state - NYRA turned over a billion dollarsworth of land to the state and received 105 Million dollars cash and 50 million dollars in forgiveness of debt - New York Racing was back on track - or so it seemed. Today, NYRA is in "cash crisis" mode: officials say it could run out of money in June or July, right around the Saratoga meet ... NYRA President and CEO Charlie Hayward says a financial house of cards was unintentionally built on the premise of Video Lottery Terminals being installed at Aqueduct Raceway by April of 2009.

New York State Budget Division Chief Robert Menga is alarmed over NYRA's declining revenues - he wants the agency's executives to be more accountable, transparent and trim their budget.

WATCH the meeting between NYRA & The Budget Division HERE