Ilya Marritz covers business for WNYC.
Comptroller: Racetrack Operator Slow to Adopt Fiscal Reforms
Tuesday, January 24, 2012 - 04:55 PM
The state-sponsored not-for-profit that runs the Belmont, Aqueduct, and Saratoga racetracks is taking risks with its own financial future, according to a report by State Comptroller Tom DiNapoli.
The New York Racing Association (NYRA), emerged from bankruptcy in 2008. But DiNapoli says NYRA has failed to fully implement any of the nine recommendations for fiscal discipline made by his office in 2010.
DiNapoli is projecting a $19.7 million loss on racing operations this year.
NYRA calls that figure quote, "misleading," saying it will make a profit in 2012, even without the video lottery terminal revenues that make up a growing part of its budget.
NYRA said it takes the comptroller's recommendations, quote "very seriously".