NYRA Board Backs Restructuring Outside State Control

Apr 13, 2016

The New York Racing Association board has advanced restructuring plans recommending future governance outside of state control.

Its reorganization board is recommending that Democratic Governor Andrew Cuomo and the Legislature return NYRA to its former private nonprofit status with private board members, instead of continuing with most members appointed by Cuomo and lawmakers.

NYRA was put under state control following its bankruptcy. It reported profits in 2014-15 from improved revenues and cost savings while reducing the catastrophic injury rate for horses to 1.09 percent last year.

The association operates the thoroughbred tracks at Belmont, Aqueduct and Saratoga. It projects operating surpluses of $2.3 million this year and $2.8 million next year. 

© 2016 AP

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