The board governing New York’s thoroughbred racing industry met earlier this week and revealed that the harsh winter had a big impact on betting.
The first order of business at Wednesday’s meeting of the New York Racing Association’s reorganization board was to confirm a new chairman following the departure of Dr. David Skorton.
Anthony Bonomo was officially sworn in as the new director. He thanked Skorton for his service and said he wants to be an inclusive leader.
“We all collectively have an obligation to work together to make our sport, New York racing, the best it can be.”
Michael Del Guidice was selected as Vice Chair.
The meeting in New York City was the first since December. NYRA operates Saratoga Race Course as well as Belmont and Aqueduct.
In 2014 NYRA achieved a year-end profit, the first since the reorganization board began operating under state control in 2012. NYRA CEO Chris Kay…
“In 2014 we made a commitment to operate on a break-even or better basis. We achieved that important goal by securing our first operating surplus in more than a decade – a profit of $1.6 million – as a direct result of numerous new revenue-enhancing and cost-cutting initiatives we implemented throughout the year.”
But the first quarter of 2015 was not so profitable for the organization. Kay said the harsh winter led to the cancellation of 16 race days, with another six days impacted by the weather.
“Severe winter weather conditions reduced the number of race days, which meant our handle numbers took a hit. Like the weather Q1 was brutal to our horsemen and to us alike. But we took aggressive steps to offset these losses.”
In the first quarter, NYRA suffered an operating loss of $11.2 million dollars. Factoring in operating costs and Video Lottery Terminal revenues, NYRA saw an overall dip of $180,000 for the quarter.
The board also took a moment to recognize the service of Charles Wait, a Saratoga Springs resident who served on NYRA’s board of directors for more than 30 years before abruptly resigning last weekend.
Again, Anthony Bonomo…
“I did send a letter to Charles thanking him for his years of service and also telling him he may have resigned but it doesn’t mean we won’t call on him from time to time, and he was very gracious.”
Unavailable for comment, Wait did not give a reason for his resignation in his initial announcement but has been critical of the language included in the state budget extending the reprivatization deadline for NYRA into 2016.
State Senator Kathy Marchione, a Republican from the 43rd district who represents Saratoga County, said she was concerned others could also leave the board if NYRA is not placed back in private hands.
She said that she would consider legislation to privatize NYRA by its original deadline of October 2015. NYRA must submit a reprivatization plan.
“And if the plan looks like it can go forward and it can be privatized, I was told at that point the legislation through the budget could be rescinded through the legislature, and the NYRA board could become private at that time,” said Marchione.
Capital improvements at Saratoga for this year include a new irrigation system.
Racing at Belmont Park opens April 29th. Improvements made to the venue for 2015 include more food vendors, improved wifi, and public transpiration. NYRA also plans to make its signature race, the Belmont Stakes, into a multi-day event in June.
