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The Saratogian Newsroom blog, complete with thoughts and commentary from our newsroom staff and regular posts on happenings around town.

Monday, July 19

2010 update from NYRA's Charles Hayward

New York Racing Association president and CEO Charles Hayward stopped by the office this morning with VP and general counsel Patrick Kehoe and Mark Bardack for an update on NYRA's financial situation in advance of the 2010 Saratoga season, which opens this Friday. Their presentation is posted below.

NYRA 2010 Update

A few notes: Page six is a little confusing. It basically says that NYRA has lost money to the tune of $25.1 million since coming out of bankruptcy in Sept. 2008, and that if a VLT operator is not named and NYC OTB continues to make short payments, they'll be $17 million in the red at the end of this year.

A few quotes from the meeting:
Hayward said, "If you sue them you immediately lose your ability to negotiate with them," on why NYRA doesn't sue the state for payments they are contractually obligated to make since VLT revenue has not been in place.

He also said that the $25 million loan granted by the state to NYRA to continue operations this year could last "well into the second quarter of next year", dependent on how the reorganization of NYC OTB affects their payments to NYRA.

What do think of the presentation? Any specific questions you're looking to have answered?

Also today, went on a lovely tour of the race course and backstretch with Charles Wheeler, NYRA's Manager of Planing and Community Relations. A lot of great insider information was given, for example, did you know Saratoga is the only course where the jockeys and horses walk through on their way to the race and from the winner's circle? I just figured they did that at every track.

Check back tomorrow for the answers to some of your comments on Sunday's Indoor Rec. Center story.


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