NYRA Emergence

The New York Racing Association is happy to report that they have emerged from to years of bankruptcy court protection. Due to a state bailout of $105 million, they emerged Friday ready to get to work.

The NYRA has entered into a deal with the state that will allow them to keep the racing franchise for the next 25 years, but must end its ownership claim to the property at Aqueduct, Belmont and Saratoga racetracks. This means that the state will now hold the deeds to the tracks.

NYRA needed assistance from the state as they have been in trouble for years. Some blamed it on a lack of interest from the general population in racing, but others say it has more to do with mismanagement of the tracks and the funds that were coming in.

The company is using the bailout to cover their debts and expenses until they start getting an income from the slot machines that are at Aqueduct. The slot machines have not come in yet, and it is expected that it will take roughly two years to get the slot machines in and running.

They have long said that without the income from the slot machines that they could not break even. However, they will not be running the slot machines, they will simply get a share of the revenue. A separate company will be named to take over that part of the tracks.

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