New York Lawmakers Approve US$25m Loan To NYRA

Wednesday, 26th May 2010

In the US, New York State lawmakers approved a US$25 million loan for the NY Racing Association "keeping the racetrack operator solvent for at least the rest of the year & avoiding a threatened shutdown of its operations after Gr1 Belmont Stakes on June 5" reported bloodhorse.com. Senator Eric Adams (chairman of the Senate racing.committee) commented: "It's more than just jockeys on a horse going around a track. There's an entire, multi-billion dollar industry of racing in New York that not only New Yorkers depend on, but people outside the state as well." NYRA had warned it will run out of money in June & last week sent 60-day lay-off warning notices to its 1,300 employees. However Governor David Paterson's administration "hopes to award a new agreement for the long-stalled Aqueduct casino sometime in early August". A memo accompanying the NYRA borrowing states: "Enactment will provide a bridge until VLT (video lottery terminal) revenues are in place (at the Aqueduct casino) to fund NYRA's operating & capital expenses.”

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