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  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Flower Alley sire of Bouquet Booth 1st Alw (May 24, 7th CD). Owner, Right Time Racing LLC; Breeder, Brookdale & Dr. Ted Folkerth...
  • Chapel Royal sire of Mr Rodriguez 1st Mdn (May 24, 2nd BEL). Owner, Imperio, Michael and Loftus, Elizabeth; Breeder, Jill Imperio & Daniella Corian...
  • Mancini sire of Ride Around Sally 1st Alw (May 23, 6th IND). Owner, Joe Uliano; Breeder, Spade Stable...
  • Smoke Glacken sire of Walker Bay 1st Alw (May 24, 8th CD). Owner, Hammersmith, Dennis L. and Paden Racing, Inc.; Breeder, Brian O'Rourke & Derry Meeting Farm...
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • Philanthropist sire of Rob the Cradle 1st Alw (May 23, 2nd WO). Owner, Andrews, Denny and Paradox Farms Inc.; Breeder, Gardiner Farms Limited...
  • Strut the Stage sire of Head Honcho 1st Alw (May 23, 7th WO). Owner, Annecchini and D'Alimonte Holdings Inc. and Kingfield Farm; Breeder, William D. Graham...
  • Hard Spun sire of Ribbon Taffy 1st Mdn (May 23, 5th IND). Owner, Pucek, John Paul and Marcinek, Paige; Breeder, Matthew R. Herbener...
  • Holy Bull sire of Catalan 1st Alw (May 24, 8th BEL). Owner, Elizabeth Loftus; Breeder, B. P. Walden & Dr. S. Marcum...
  • Jazil sire of Love Me Good 1st Mdn (May 23, 2nd PID). Owner, Sheltowee Farm and Blazing Meadow Farm; Breeder, Sheltowee Farm...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...
  • Latent Heat sire of Heated Troubles 1st Mdn (May 24, 5th RD). Owner, Ashleigh Stud; Breeder, Ashleigh Stud, Frank Ramos & JackieRamos...
  • Indian Charlie sire of Nechez Dawn 1st Alw (May 23, 7th AP). Owner, Tresner, Coby and Matsas, Alex; Breeder, B. P. Walden Jr., Hargus Sexton & SandraSexton...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • Proud Citizen sire of Citizen Kat 1st Alw (May 23, 7th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Mark Reid & Charles Zacney...
  • Include sire of Window Boy 1st Grover (Buddy) Delp Memorial S. (May 23, 8th DEL). Owner, Luis Arenas; Breeder, Shelby Lane Farm Inc. & IncludeSyndicate...
  • Yankee Gentleman sire of Little Dale 1st Alw (May 23, 7th BEL). Owner, Vaccarezza, Priscilla, Amante, Anthony and Garrity, Christine; Breeder, Philip Birsh...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...
  • City Weekend sire of City Sweets 1st Mdn (May 23, 3rd IND). Owner, Mast Thoroughbreds LLC; Breeder, Robert Gorham & Mast Thoroughbreds LLC...
  • Canadian Frontier sire of Golden Frontier 1st Alw (May 24, 3rd CD). Owner, George Fister; Breeder, Brereton C. Jones...
  • Wando sire of Deb's Girly Girl 1st Alw (May 24, 6th RD). Owner, Deborah F. Metz; Breeder, Deborah F. Metz...
  • First Samurai sire of Nakano 1st Alw (May 24, 8th CRC). Owner, Thoroughbred Futures Racing; Breeder, Hubert Vester...
  • Arch sire of Wiki 1st Alw (May 24, 2nd PID). Owner, Midwest Thoroughbreds, Inc.; Breeder, Stuart S. Janney, III LLC....

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NYRA says it needs $30-million from state to survive

Posted: Friday, February 05, 2010 2:05 PM

by Paul Post

New York Racing Association officials said Wednesday the organization is looking at an $8-million negative cash flow this year and it needs $30-million from the state to keep operating until Aqueduct’s racino is operational.

During a hearing looking into NYRA’s fiscal condition on Wednesday, NYRA Chief Financial Officer Ellen McClain said the organization used $80-million of the $105-million it received from the state in 2008 to pay off creditors.

Because of ongoing operations, unavoidable capital improvements, and declining revenues, NYRA started this year with $16.4-million, but expects to spend $24-million, leaving it about $8-million in the hole.

“The economy remains tough,” she said. “We will unfortunately run out of money in the absence of a financing source.”

NYRA President Charles Hayward said he notified the state Budget Division about NYRA’s fiscal condition in November.

“If we don’t have the money in the bank to make payroll, we’re not going to operate,” he said.

Bankrupt New York City Off Track Betting Corp. owes NYRA $15-million.

“We’ll certainly be able to run the Belmont Stakes as long as we get payments from New York City OTB,” Hayward said.

A federal judge is expected to decide on February 22 whether or not to approve New York City OTB’s reorganization plan. NYRA criticized the proposal, saying it would reduce payments to racetracks and breeders. Several harness track owners support OTB’s plan, however.

Absent money from OTB, the state would have to step up to keep NYRA going, Hayward said.

Hayward outlined several other steps he says are needed to make New York racing profitable. At present, if a trainer has two horses in a race they are listed a coupled entry, even if the owners are different. Eliminating this requirement would generate $7-million more in profit for NYRA, add $6-million to purses and give the state an extra $1-million, Hayward said. NYRA has already applied to the state Racing and Wagering Board to have the rule changed.

Also, because of a legal technicality requiring legislative change, NYRA is not allowed to show some its own races on its own Internet platform, Hayward said.

“We’re probably exporting wagering dollars out of the state,” he said.

He also called for a restructuring of NYRA’s relationship with Off Track Betting.

Paul Post is a New York-based correspondent for Thoroughbred Times

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