The New York Racing Association (NYRA) said on Monday it was facing a cash crunch that could threaten the Belmont Stakes and thoroughbred horse racing’s Triple Crown because the state government still hasn’t approved video slot machines at the Aqueduct racetrack.
NYRA president Charlie Hayward said that unless state lawmakers agreed to allow video slots soon at Aqueduct, the NYRA may need another US$30 million bailout from the state to save the racing season at Belmont, which includes the final leg of the Triple Crown.
Such threats have been made before by the private group, which runs thoroughbred racing and state tracks under a franchise. However, Hayward insisted the NYRA was down to about US$11 million in cash, US$4 million short of projections, because of a debt owed by the New York City Off-Track Betting Corp, which has also been perennially troubled.
“We think we’re going to burn through that US$11 million sometime in May or June,” Hayward told reporters.
He said if the NYRA can’t be assured of a steady flow of cash from video slots at Aqueduct or from the state, which is also trying to address deficits, then the racing group wouldn’t open the Belmont track on Long Island this spring because of seasonal commitments that would have to be made to horse owners.
Legislative leaders and New York Governor David Paterson, however, have been unable to agree on a vendor, who would have to pay US$200 million up front to the state. The most recent process, part of an effort for more than half a decade to put a video slots machine center in the Aqueduct track in Queens, is months overdue.
Paterson said that if it were in his power he would make the decision “in 10 minutes,” but legislative leaders won’t agree. He said, however, that he might announce his choice soon to force an agreement.
Some of the video slots revenue, estimated at US$1 million a day, would go to NYRA, which operates the Belmont, Aqueduct and Saratoga tracks.
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