NYRA Budget Projects $2.1 Million Surplus
Dec 3, 2014 22:50:26 GMT -5
Post by Evelyn on Dec 3, 2014 22:50:26 GMT -5
Hopefully they will be spending more on the Belmont! Because the "fan experience" is Kay's favorite line. They'll meet to discuss Kay's next undeserved bonus. He's an embarrassment to horseracing. Save some money and ditch that woman that was hired to provide fans with a "good racing experience." She's certainly not needed while The Big A is running. Unless she can do a daily check that the ladie's rooms have tp. LOL
NYRA Budget Projects $2.1 Million Surplus
By Tom Precious
Bloodhorse
The board of the New York Racing Association Dec. 3 approved the racing corporation's 2015 budget, but not before a spirited debate by some board members over equine drug issues.
The board, dominated by state appointees as NYRA begins the last of three years of oversight by the government, approved a plan that includes a projected surplus of $2.1 million. The surplus partly comes through savings from shutting Aqueduct Racetrack training facilities for five months during its off season, and hiking fees on group sales and parking.
NYRA also will cut the total number of race dates by two, shifting more racing days to Belmont Park and reducing six race dates during the Aqueduct fall and winter meets. Officials believe the shorter racing schedule, which is subject to state approval, will help boost declining field sizes.
But prior to the fiscal discussions, several NYRA board members used the corporation's final board meeting of the year to raise concerns about the impact of equine drug issues on the industry's reputation.
Horse owner Bobby Flay, the celebrity chef and two-year NYRA board member, blamed the falling foal crop count on the American equine industry's "awful reputation.'' He urged fellow board members to take a stand to help ban race-day treatments of Lasix (furosemide). He said a negative perception by foreigners about American-bred horses, especially Europeans, is behind declining foal crop counts.
"We have a perception issue,'' he said, urging a Lasix ban for 2-year-olds. "It's going to create controversy and lots of debate,'' he continued, but added it's needed to help boost the foal crop as well as reputation of the industry.
"We are the only major country using race-day medication...It is tainting the entire bloodstock of America,'' Flay said.
But Rick Violette Jr., newly re-elected president of the New York Thoroughbred Horsemen's Association, dismissed Flay's contention.
"Lasix isn't the issue,'' said Violette, who serves as an ex officio member of the NYRA board. He said if there is a perception problem for the industry it is that some trainers appear to have an advantage over others, and told Flay that equine sales to European markets from New York are up, not down.
NYRA chairman Dr. David Skorton, who announced he is leaving the board to prepare for his transition as president of Cornell University to next year becoming head of the Smithsonian Institution, moved to push the debate off to the board's racing committee for further study. Still, he added in agreeing with Flay, "The perception is negative.''
"I respect where Bobby Flay is coming from,'' added board member Leonard Riggio. But he questioned what leverage NYRA has to further toughen its position on drug matters since the state government has the ultimate legal authority over equine drug laws.
"We're fully committed to try to do something about the drugging issue,'' Riggio added.
Board member Anthony Bonomo, who owns more than 40 Thoroughbred horses, said perception problems for the industry is seen in what he characterized as especially high win rates by some trainers. "The greatest trainers in America never had 30% win rates.
"There's nobody around this table who doesn't recognize there is a perception issue,'' he said.
While officials project the second year in a row for a surplus by NYRA in 2015, the budget also reflects some of the realities in which NYRA is operating. For instance, on-track handle is expected to decline by 2.6% to $118.1 million compared to the current year' s budget, and revenues from video lottery terminals at Aqueduct are projected to remain flat in 2015. In all, NYRA is projecting $27.3 million in net income for 2015.
The 2015 budget sees NYRA continuing to look for ways to raise new revenues, such as $400,000 from parking fee hikes and new "parking options" at the Saratoga Race Course meet next summer. Higher group sales prices for Belmont Stakes day and the Saratoga meet are also part of the increase.
The budget also projects its NYRA Rewards account wagering program to see an 11% increase in revenues to $29.8 million, based partly on improvements to its Internet betting platform and growth at its Longshots facility at Aqueduct.
NYRA projects average field size at Aqueduct to drop from 7.5 horses per race in 2014 to 6.85 in 2015. Officials are proposing to race 74 days at Aqueduct's 2015 winter meet, down from the scheduled 79 in 2014. They said state officials have indicated a willingness to consider a smaller overall racing schedule for the NYRA tracks in 2015, though the state gaming commission has asked NYRA to present two proposals: one with the two overall fewer race dates and one that meets the current statutory requirements.
The NYRA board, which is expected to submit to state officials early next year its plan to emerge from a state-control period next October, is not set to meet again until next March. However, chief executive officer Christopher Kay suggested more meetings could occur as talks heat up in 2015 between NYRA and state officials over the future of the racing corporation.
NYRA Budget Projects $2.1 Million Surplus
By Tom Precious
Bloodhorse
The board of the New York Racing Association Dec. 3 approved the racing corporation's 2015 budget, but not before a spirited debate by some board members over equine drug issues.
The board, dominated by state appointees as NYRA begins the last of three years of oversight by the government, approved a plan that includes a projected surplus of $2.1 million. The surplus partly comes through savings from shutting Aqueduct Racetrack training facilities for five months during its off season, and hiking fees on group sales and parking.
NYRA also will cut the total number of race dates by two, shifting more racing days to Belmont Park and reducing six race dates during the Aqueduct fall and winter meets. Officials believe the shorter racing schedule, which is subject to state approval, will help boost declining field sizes.
But prior to the fiscal discussions, several NYRA board members used the corporation's final board meeting of the year to raise concerns about the impact of equine drug issues on the industry's reputation.
Horse owner Bobby Flay, the celebrity chef and two-year NYRA board member, blamed the falling foal crop count on the American equine industry's "awful reputation.'' He urged fellow board members to take a stand to help ban race-day treatments of Lasix (furosemide). He said a negative perception by foreigners about American-bred horses, especially Europeans, is behind declining foal crop counts.
"We have a perception issue,'' he said, urging a Lasix ban for 2-year-olds. "It's going to create controversy and lots of debate,'' he continued, but added it's needed to help boost the foal crop as well as reputation of the industry.
"We are the only major country using race-day medication...It is tainting the entire bloodstock of America,'' Flay said.
But Rick Violette Jr., newly re-elected president of the New York Thoroughbred Horsemen's Association, dismissed Flay's contention.
"Lasix isn't the issue,'' said Violette, who serves as an ex officio member of the NYRA board. He said if there is a perception problem for the industry it is that some trainers appear to have an advantage over others, and told Flay that equine sales to European markets from New York are up, not down.
NYRA chairman Dr. David Skorton, who announced he is leaving the board to prepare for his transition as president of Cornell University to next year becoming head of the Smithsonian Institution, moved to push the debate off to the board's racing committee for further study. Still, he added in agreeing with Flay, "The perception is negative.''
"I respect where Bobby Flay is coming from,'' added board member Leonard Riggio. But he questioned what leverage NYRA has to further toughen its position on drug matters since the state government has the ultimate legal authority over equine drug laws.
"We're fully committed to try to do something about the drugging issue,'' Riggio added.
Board member Anthony Bonomo, who owns more than 40 Thoroughbred horses, said perception problems for the industry is seen in what he characterized as especially high win rates by some trainers. "The greatest trainers in America never had 30% win rates.
"There's nobody around this table who doesn't recognize there is a perception issue,'' he said.
While officials project the second year in a row for a surplus by NYRA in 2015, the budget also reflects some of the realities in which NYRA is operating. For instance, on-track handle is expected to decline by 2.6% to $118.1 million compared to the current year' s budget, and revenues from video lottery terminals at Aqueduct are projected to remain flat in 2015. In all, NYRA is projecting $27.3 million in net income for 2015.
The 2015 budget sees NYRA continuing to look for ways to raise new revenues, such as $400,000 from parking fee hikes and new "parking options" at the Saratoga Race Course meet next summer. Higher group sales prices for Belmont Stakes day and the Saratoga meet are also part of the increase.
The budget also projects its NYRA Rewards account wagering program to see an 11% increase in revenues to $29.8 million, based partly on improvements to its Internet betting platform and growth at its Longshots facility at Aqueduct.
NYRA projects average field size at Aqueduct to drop from 7.5 horses per race in 2014 to 6.85 in 2015. Officials are proposing to race 74 days at Aqueduct's 2015 winter meet, down from the scheduled 79 in 2014. They said state officials have indicated a willingness to consider a smaller overall racing schedule for the NYRA tracks in 2015, though the state gaming commission has asked NYRA to present two proposals: one with the two overall fewer race dates and one that meets the current statutory requirements.
The NYRA board, which is expected to submit to state officials early next year its plan to emerge from a state-control period next October, is not set to meet again until next March. However, chief executive officer Christopher Kay suggested more meetings could occur as talks heat up in 2015 between NYRA and state officials over the future of the racing corporation.