Comptroller DiNapoli Says New York Racing Association on the Edge of Insolvency
Monday, July 12, 2010
The New York state Comptroller says the New York Racing Association (NYRA) is once again facing insolvency early next year if a contract to expand gambling at the Aqueduct Race Track is not settled soon.
“NYRA is on very shaky financial ground,” said Comptroller DiNapoli. “And there’s too much at stake to let NYRA continue it’s fiscal mismanagement.”
In the meantime, DiNapoli says he’s placing a team of auditors at the upcoming Saratoga meet to monitor day-to-day transactions at the financially troubled state authority.
State officials have been trying to add slot-like machines for nine years. They say they have finally chosen one bidder. But DiNapoli says based on past problems, he questions whether a final deal can actually be made. He added that betting on horses is on the decline in New York and in the nation, and that NYRA has not done enough to cut expenses.
The state loaned the racing association $25 million dollars in June to help it limp through the summer racing season.