By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-975700.mp3
Albany, NY – The head of the New York Racing Association says executive compensation has increased 3 percent this year despite more red ink projected for the state franchise that operates the Aqueduct, Belmont and Saratoga racetracks. Capital District Bureau Chief Dave Lucas has more...
NYRA chief executive and President Charles Hayward says NYRA provided its executive compensation plans to the board last Thursday. He says NYRA is projected to lose $11.6 million this year. He told a news conference in Albany Monday that the raises were justified. Hayward declined to comment for this report - earlier this week he defended the pay hikes on CBS6.
In a letter to Hayward last week, New York state's budget director, Robert Megna, said there are "significant and unacceptable gaps" in the ability of the state's Financial Oversight Board to get information about NYRA's proposed budget, which includes those raises. Megna did not return calls for comment. NYRA risks scrutiny by an investigative body if it doesn't get more transparent. Neither taxpayers nor politicians have forgotten that in 2008 New York State bailed out NYRA to the tune of $30 million so it could emerge from Chapter 11 bankruptcy. Observers say that NYRA runs the risk of crossing swords with Governor Andrew Cuomo.
Hayward cited some of the challenges the organization has faced, including an overall decline in interest in racing and last December's collapse of New York City's off-track betting operation, a move that left NYRA being owed some $28 million. He said NYRA reduced its operating expenses from $146 million in 2009 to $142.7 million last year. He expects a strong year for Saratoga Race Course, NYRA's only moneymaking track and the nation's most successful. Saratoga's 143rd season opens July 22 and runs through Labor Day.