NYRA Gets Approval To Run N.Y. Horse Racing
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ALBANY — The New York Racing Association will continue to run thoroughbred horse racing in New York for the next 25 years under a deal that ends years of uncertainty in the racing world and a key political conflict in Albany.
In exchange for the franchise to operate the Aqueduct, Belmont, and Saratoga race courses, NYRA will give up its disputed claim to ownership of the tracks, an issue it used as leverage in the talks that ended hours before a temporary franchise extension was set to expire, state leaders and NYRA officials said yesterday.
NYRA will receive $105 million from the state to get out of bankruptcy and the state will forgive millions of dollars more in loans that were part of previous bailouts.
The state now plans to pick a gaming operator to open up video slot machines at Aqueduct.
