NYRA Dismantled

[FrankD.]

As I write Governor Coumo is having a news conference eliminating NYRA and he is personally taking over racing at the 3 NYRA tracks.

Stay tuned.

[HP]

Who does he like in the Belmont?  

HP

[miff]

Frank D,

The article just posted in the Saratogian. The implications appear to be disasterous for current NYRA and possibly the horsemen.

A blip also suggest that NY racing may be privatized going forward.

Mike

[FrankD.]

I\'m sure Mike, slot money going elsewhere.

A few board members aligned with the Gov in an effort to save their free lunches.

A 17 member board will be appointed for a 3 year term. 11 by the Gov, 2 each by the senate & assembly and I guess the other 2 out of a hat.

[miff]

Frank D,

Thinking of running for the board. My platform:

A chicken in every pot or

Tippecanoe and Miff too


...waddaya think?

Mike

[HP]

Why stop at 17 members?  That doesn\'t sound like a big enough board.  How much does each board member get paid for all that work?  

HP

[FrankD.]

HP,

Current board has 25 members; that\'s 8 less chickens for Mike\'s pot.

[miff]

HP,

Board members,they\'re mostly multi millionaires,don\'t think the pay is relevant.NYRA top operating officers receive compensation in line with the street.

New NYRA Board may not have a horseman(presently Rick Violette) which may cause trouble.Some current NYRA Management/Board Members fuming and may sue in State Court to block Governors changes, could get real ugly.


Mike

[FrankD.]

Mike,

I\'ll be your campaign manager and official weatherman.

2 different news stories on the board make up, there replaying the press conference and it contradicts an earlier report.

11 members appointed by the Gov plus a chairmen and 5 at large appointed by the board itself.

A 3 yr public takeover that will most definitely lead to privatization of the racing industry after casino gaming is approved and there is a casino & convention center at Aqueduct.

None of this bodes well for the horsemen, bettors et all.... There talking medication and horse deaths. This is going to be a colossal cluster f#&*

Frank D.

[HP]

Of course it would be impossible to have someone on the board to represent actual players.  They have really taken that rap thing to an extreme.  

Hate the game, not the player.

Or is it...

Hate the player, not the game.  

I think these guys hate the players AND the game.  

HP

[miff]

Frank, No question, you got weather!

It\'s full circle back to the sale of NYC OTB.Without heavy subsidies and tax breaks there were no takers for NY racing as a stand alone business. Steve Wynn,Mr Las Vegas,imparted to one of the many consultants in that fiasco, that he could \"care less\" about racing. It was all about entre into gambling in NY.Most other interested parties had similar views.

Churchill Downs or Frank Stronach could be candidates for NY Racing privatization if a steal deal presents itself but doubt any Fortune 500\'s are coming forward to diversify by getting into thoroughbred horse racing.


Mike

[magicnight]

The slot money may not be going anywhere just yet. If the Gov wants full casinos, that takes approval by two legislatures and a public referendum. Assuming that\'s the time-consuming way this thing goes, I\'ve gotta think the NYRA VLT cut stays the same for now. Barring some form of interim deal, I\'d think it takes a few years at least. Long term, no way significant taxpayer money goes to racing, and I bet that fits into the planning for this 3-year window. Anyway, something had to be done about \"headless horseman NYRA\". They had blown up whatever small bits of trust remained with that takeout fiasco and its brain-dead aftermath.

[richiebee]

miff Wrote:
-------------------------------------------------------
 
> Churchill Downs or Frank Stronach could be
> candidates for NY Racing privatization if a steal
> deal presents itself but doubt any Fortune 500\'s
> are coming forward to diversify by getting into
> thoroughbred horse racing.

I read an interview in the last year in which a CD corporate officer said that CD
had no interest in expanding to acquire additional live racing facilities, though
Saratoga would be such a good fit for them schedule wise I do not see how they
could possibly resist if given the chance to purchase only that facility.

There are still probably shareholder derivative suits pending against Frank
Stronach, suits brought by shareholders who thought they were investing in a
large auto parts manufacturer and later found that their investment had somehow
been diverted to Magna Entertainment and its string of (mostly) leaky roof
racetracks. As I once said, Frank Stronach is Robert Brennan without the
helicopter.

NYRA hit rock bottom under Hayward and Co. Maybe with some new shooters in place
some of the issues which have been discussed here for years would be addressed.

Rumor I am starting right now: A high powered group of horsemen, lead by
Doodnauth Shivmangal, Naipaul Chatterpaul and Randi Persuad, will vie for control
of the former NYRA properties.

[miff]

With allllll the money anticipated from slots/possible casino revenue, the politicians had to make a money grab. The motivation of the politicians is transparent, its all about control of the money under the guise of \"helping\"racing.

This is probably not good for NY Racing going forward as they are sure to redirect monies earmarked for racing to other pet areas that gain political capital for them.

Sad, it was looking good just a few months ago as far as the possibilty of NY Racing becoming something special.

[rezlegal]

The statute giving NYRA a cut of Genting\'s take is specifically limited to VLT\'s-video lottery terminals. If Cuomo gets his wish of full fledged casino all deals are off and a new negotiation by NYRA (however constituted) will have to take place. We will likely get a wiff of the future by the results of the search for a new CEO. Cuomo has a lot invested in obtaining passage of new legislation re full fledged casinos and the aregument can be made that how NYRA is run going forward is a proxy for that legislation and the State\'s managerial role. If I were betting on any issue I would bet a lot that Aqueduct is history in 3-5 years and Belmont will be winterized.