NYRA skimps on Aqueduct
May 8, 2014 13:35:22 GMT -5
Post by Jon on May 8, 2014 13:35:22 GMT -5
This is the local Queens paper so is slanted for Aqueduct. But #'s don't lie. Am wondering if all the media concerning the Big A's crumbling contributed to the 2013 funds increase? '12 #'s discrepancy wasn't explained but should have been.
NYRA skimps on Aqueduct
Times Ledger: Serving Queens Since 1919
By Sarina Trangle
NYRA appears to be doing little to up the ante in favor of Aqueduct Racetrack.
Despite Aqueduct’s handing over land for the city’s first racino, the South Ozone Park facility has received 16.59 percent of the revenue from Resorts World that was set aside for capital projects at the state’s three horse racing tracks from 2011-13, TimesLedger Newspapers has learned.
The New York Racing Association has poured 25.64 percent of the earmarked funds into projects at Belmont Park on Long Island and 20.69 percent at Saratoga Race Course upstate, according to a review of NYRA’s financial documents obtained through a Freedom of Information Law request.
The highest portion of the $41.09 million — 37.07 percent — that NYRA received for capital projects since Resorts World opened in 2011 was spent on initiatives which benefited all tracks, such as Wi-Fi installation, telephone upgrades and television production equipment.
The investment breakdown did not surprise state Assemblyman Phillip Goldfeder (D-Rockaway Beach) or state Sen. Joseph Addabbo Jr. (D-Howard Beach), who said NYRA appeared to be hedging its bet following the association’s and at least two governors’ talk of shutting Aqueduct in recent years. In 2013 NYRA board members said the association was considering closing Aqueduct, but a NYRA spokesman told The Times Ledger there were no plans to do so.
“I was aware that there was a tremendous imbalance of funds being invested outside of Queens,” Goldfeder said. “These numbers just confirm that we’re sending away more money than we’re getting here.”
NYRA, which has a franchise agreement to operate the three state-owned racetracks until 2033, ceded land at all three tracks to the state in exchange for receiving a portion of the revenue generated at Resorts World’s video lottery terminals. Resorts World has recorded national slot revenue records since opening in late 2011.
Genting Group New York, which operates the racino, must earmark 4 percent of the money it rakes in after paying out winnings to capital projects at Aqueduct, Belmont and Saratoga.
But NYRA can choose how to invest this money under the agreement. Genting Group New York, which operates the racino, must earmark 4 percent of the money it rakes in after paying out winnings to capital projects at Aqueduct, Belmont and Saratoga.
But NYRA can choose how to invest this money under the agreement. Eric Wing, a spokesman for NYRA, said it was obligated to distribute the money across its portfolio of racetracks because NYRA gave up $1 billion in assets, including property at each facility, in exchange for VLT funds.
Records show NYRA spent money on patron area improvements and barn upgrades at each track in 2011, but Belmont also benefited from a storm water management project while Saratoga received money for a master development plan. The association bankrolled $1,893,000 in capital projects at Belmont, $1,486,000 at Saratoga and $564,000 at Aqueduct that year.
In 2012, the South Ozone Park track’s share increased to $932,000 while NYRA funneled $3,444,000 into Belmont and $3,852,0000 into Saratoga, financial records show.
Aqueduct got a reprieve in 2013, however.
The Queens track benefited most from the VLT revenue last year, receiving $5,321,000 in capital project investments vs. Belmont’s $5,200,000 and Saratoga’s $3,164,000.
Eric Wing, a spokesman for NYRA, said NYRA has a rigorous process of analyzing potential capital projects based on safety, revenue generation and cost reduction.
“We do not look to equally invest in all three facilities within any given year. NYRA operates three mature racetracks that are in frequent need of repair and updating, both in the grandstand and in the barn area, and we make decisions in the best interests of the company as a whole,” Wing wrote in an e-mail.
Wing said how much each track generates is not a significant factor in investment decisions.
It is difficult to compare each track’s financial prowess because each track has different racing schedules. But bets placed on Aqueduct races account for 31.13 percent of NYRA’s related revenue from 2011-13. Roughly 39.67 percent came from Belmont and 25.20 percent from Saratoga.
These figures were compiled using an annual package of financial statements NYRA released. The 2012 revenue figures included in the 2013 and 2012 annual reports were different. TimesLedger Newspapers used numbers listed in the 2013 publication and did not receive a response from NYRA about why the numbers differed and which set was accurate.
Addabbo said he asked NYRA to consider extending summer racing hours into the night to siphon off some of the customers from Resorts World.
But the senator said such conversations went nowhere.
“Aqueduct in and of itself is part of Ozone Park and part of the Queens tradition,” he said. “I’d like to save it if there is a way to work with NYRA and make the capital improvements.”
Goldfeder introduced a bill this winter that would direct all of the VLT funds reserved for capital improvements to Aqueduct. He said his conversations with Assembly leaders went well and a few senators were considering sponsoring the measure.
But Addabbo said he believed the bill’s intentions were on point, but the state legislature may not have the jurisdiction to implement it.
NYRA skimps on Aqueduct
Times Ledger: Serving Queens Since 1919
By Sarina Trangle
NYRA appears to be doing little to up the ante in favor of Aqueduct Racetrack.
Despite Aqueduct’s handing over land for the city’s first racino, the South Ozone Park facility has received 16.59 percent of the revenue from Resorts World that was set aside for capital projects at the state’s three horse racing tracks from 2011-13, TimesLedger Newspapers has learned.
The New York Racing Association has poured 25.64 percent of the earmarked funds into projects at Belmont Park on Long Island and 20.69 percent at Saratoga Race Course upstate, according to a review of NYRA’s financial documents obtained through a Freedom of Information Law request.
The highest portion of the $41.09 million — 37.07 percent — that NYRA received for capital projects since Resorts World opened in 2011 was spent on initiatives which benefited all tracks, such as Wi-Fi installation, telephone upgrades and television production equipment.
The investment breakdown did not surprise state Assemblyman Phillip Goldfeder (D-Rockaway Beach) or state Sen. Joseph Addabbo Jr. (D-Howard Beach), who said NYRA appeared to be hedging its bet following the association’s and at least two governors’ talk of shutting Aqueduct in recent years. In 2013 NYRA board members said the association was considering closing Aqueduct, but a NYRA spokesman told The Times Ledger there were no plans to do so.
“I was aware that there was a tremendous imbalance of funds being invested outside of Queens,” Goldfeder said. “These numbers just confirm that we’re sending away more money than we’re getting here.”
NYRA, which has a franchise agreement to operate the three state-owned racetracks until 2033, ceded land at all three tracks to the state in exchange for receiving a portion of the revenue generated at Resorts World’s video lottery terminals. Resorts World has recorded national slot revenue records since opening in late 2011.
Genting Group New York, which operates the racino, must earmark 4 percent of the money it rakes in after paying out winnings to capital projects at Aqueduct, Belmont and Saratoga.
But NYRA can choose how to invest this money under the agreement. Genting Group New York, which operates the racino, must earmark 4 percent of the money it rakes in after paying out winnings to capital projects at Aqueduct, Belmont and Saratoga.
But NYRA can choose how to invest this money under the agreement. Eric Wing, a spokesman for NYRA, said it was obligated to distribute the money across its portfolio of racetracks because NYRA gave up $1 billion in assets, including property at each facility, in exchange for VLT funds.
Records show NYRA spent money on patron area improvements and barn upgrades at each track in 2011, but Belmont also benefited from a storm water management project while Saratoga received money for a master development plan. The association bankrolled $1,893,000 in capital projects at Belmont, $1,486,000 at Saratoga and $564,000 at Aqueduct that year.
In 2012, the South Ozone Park track’s share increased to $932,000 while NYRA funneled $3,444,000 into Belmont and $3,852,0000 into Saratoga, financial records show.
Aqueduct got a reprieve in 2013, however.
The Queens track benefited most from the VLT revenue last year, receiving $5,321,000 in capital project investments vs. Belmont’s $5,200,000 and Saratoga’s $3,164,000.
Eric Wing, a spokesman for NYRA, said NYRA has a rigorous process of analyzing potential capital projects based on safety, revenue generation and cost reduction.
“We do not look to equally invest in all three facilities within any given year. NYRA operates three mature racetracks that are in frequent need of repair and updating, both in the grandstand and in the barn area, and we make decisions in the best interests of the company as a whole,” Wing wrote in an e-mail.
Wing said how much each track generates is not a significant factor in investment decisions.
It is difficult to compare each track’s financial prowess because each track has different racing schedules. But bets placed on Aqueduct races account for 31.13 percent of NYRA’s related revenue from 2011-13. Roughly 39.67 percent came from Belmont and 25.20 percent from Saratoga.
These figures were compiled using an annual package of financial statements NYRA released. The 2012 revenue figures included in the 2013 and 2012 annual reports were different. TimesLedger Newspapers used numbers listed in the 2013 publication and did not receive a response from NYRA about why the numbers differed and which set was accurate.
Addabbo said he asked NYRA to consider extending summer racing hours into the night to siphon off some of the customers from Resorts World.
But the senator said such conversations went nowhere.
“Aqueduct in and of itself is part of Ozone Park and part of the Queens tradition,” he said. “I’d like to save it if there is a way to work with NYRA and make the capital improvements.”
Goldfeder introduced a bill this winter that would direct all of the VLT funds reserved for capital improvements to Aqueduct. He said his conversations with Assembly leaders went well and a few senators were considering sponsoring the measure.
But Addabbo said he believed the bill’s intentions were on point, but the state legislature may not have the jurisdiction to implement it.
