{"id":16037,"date":"2014-12-11T12:48:21","date_gmt":"2014-12-11T17:48:21","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond.html"},"modified":"2014-12-11T12:48:21","modified_gmt":"2014-12-11T17:48:21","slug":"nyra-eyes-surplus-in-2014-and-beyond","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/","title":{"rendered":"NYRA Eyes Surplus In 2014 And Beyond; Won’t Push Expansion of 2015 Race Meet"},"content":{"rendered":"\n
\n
\"nyratrackaerial-wm.jpg\"\n<\/div>\n
NYRA Senior Vice President and Chief Financial Officer Susanne Stover said in November the organization remains on track for its first operating surplus since 2000\n<\/div>\n<\/div>\n

NYRA officials said in November that its
\n2014 operations will result in a surplus and
\nit is expected the surplus will grow over the
\nnext two years.<\/p>\n

The association, which operates the state’s
\nthree major horse racing facilities –Saratoga
\nRace Course, Belmont Park and Aqueduct–
\nalso noted that it will not seek to expand the
\nsummer racing season in Saratoga.
\nThere had been conjecture that the 40-day
\nmeet might be expanded to 54 days, with two
\ndark days a week instead of one.<\/p>\n

NYRA officials said that at the meeting in
\nManhattan, the board of directors took a step
\ntoward the long-term transformation and
\nre-privatization of the organization, a move
\nmandated by New York state. That includes
\ndevelopment of a sustainable, three-year
\nbusiness model.<\/p>\n

The board is required by statute to submit
\nits recommendations on a statutory plan for
\nthe prospective governing structure of NYRA
\nto Gov. Andrew Cuomo and state legislative
\nleaders by April.<\/p>\n

According to a financial update from Senior
\nVice President and Chief Financial Officer
\nSusanne Stover, NYRA remains on track for
\nits first operating surplus since 2000. This
\noperating surplus would be achieved exclusive
\nof VLT revenue, and would result from effective
\nrevenue-enhancing and cost-cutting measures,
\nshe said.<\/p>\n

“As you may recall, we called for an operating
\nsurplus of $250,000, exclusive of the VLT
\nfunds, for our operating budget when we
\ncame to you last December,” said NYRA Chief
\nExecutive Officer and President Christopher
\nKay. “I’m pleased to be able to report to you
\nthat we will do much better than that, perhaps
\nsix times better than that, with a projected
\nsurplus in the neighborhood of $1.5 million
\nfor 2014.”<\/p>\n

Kay said surpluses for 2015 and 2016 would
\ngradually increase.
\n“Our business plan reflects a business
\nheaded in the right direction,” he said.<\/p>\n

Kay said video lottery terminal revenues
\nare covering some liabilities, but are not being
\nused for regular expenses of running the three
\nhorse tracks. VLT money, mostly for capital
\nprojects, is being used to cover federal taxes
\nand pensions, he said.<\/p>\n

Kay said the 2015 budget would reflect a six-day a week schedule for Saratoga Race
\nCourse, beginning on July 24 and finishing on
\nSept. 7, contingent on approval from the New
\nYork State Gaming Commission, the same
\nlength as recent years.<\/p>\n

Kay introduced several potential elements
\nof a re-organization plan. This included incorporating
\nbest practices for governance as
\nemployed by Fortune 500 companies and successful
\nnot-for-profit organizations, as well as
\na potential three-year business plan.<\/p>\n

NYRA officials said Senior Vice President
\nand General Counsel Joseph Lambert presented
\nthe requirements of the applicable
\nstatute as well as several thoughts on how
\nNYRA should be structured and governed.
\nThis includes a smaller board than the current
\n17-member group, the inclusion of the NYRA
\nCEO to the new board, consideration of term
\nlimits for members, in addition to possible
\nframeworks for committees.<\/p>\n

Kay said after consulting with various
\nstakeholders, it would not be appropriate for
\nthe current transitional board to make any
\nlong-term decisions on the real estate holdings.
\nHe noted that NYRA has made significant
\nchanges to Aqueduct Racetrack, devoting more
\nthan $14 million in capital improvements over
\nthe past 18 months.<\/p>\n

The final piece of a reorganization plan,
\nsaid Kay, involves potential amendments to
\nspecific laws and\/or applicable regulations,
\nadding that he was encouraged by the working
\nrelationship between the NYRA and the
\nGaming Commission.<\/p>\n

Kay said the collective efforts of the board
\nwill result in a re-privatization plan that will
\ngive NYRA a better future and permit it to
\ncontinue to play a major role in providing significant
\neconomic impact in the horse racing
\nindustry in New York.<\/p>\n

Also, David Skorton is stepping down as
\nchairman of the NYRA board of directors. It is
\nan unpaid position.
\nSkorton is also president of Cornell University.
\nHe is said to be leaving Cornell to accept
\na job running the Smithsonian Institution in
\nJune.<\/p>\n

Skorton was named by the Gov. Andrew
\nCuomo administration to serve as NYRA’s board
\nchairman two years ago after the state took
\ncontrol of the organization and reconstituted
\nthe board of directors.<\/p>\n","protected":false},"excerpt":{"rendered":"

NYRA Senior Vice President and Chief Financial Officer Susanne Stover said in November the organization remains on track for its first operating surplus since 2000 NYRA officials said in November that its 2014 operations will result in a surplus…<\/p>\n","protected":false},"author":121,"featured_media":20785,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,103,107,115],"class_list":["post-16037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-business-news","tag-nyra","tag-racing","tag-saratoga-springs"],"yoast_head":"\r\nNYRA Eyes Surplus In 2014 And Beyond; Won't Push Expansion of 2015 Race Meet - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"NYRA Eyes Surplus In 2014 And Beyond; Won't Push Expansion of 2015 Race Meet - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"NYRA Senior Vice President and Chief Financial Officer Susanne Stover said in November the organization remains on track for its first operating surplus since 2000 NYRA officials said in November that its 2014 operations will result in a surplus...\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Saratoga Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2014-12-11T17:48:21+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"850\" \/>\r\n\t<meta property=\"og:image:height\" content=\"629\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Saratoga Business Journal\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saratoga Business Journal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/\",\"name\":\"NYRA Eyes Surplus In 2014 And Beyond; Won't Push Expansion of 2015 Race Meet - Saratoga Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg\",\"datePublished\":\"2014-12-11T17:48:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/ddf5fd6df8c43505ff3a5fb93e64871d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#primaryimage\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg\",\"contentUrl\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg\",\"width\":850,\"height\":629},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NYRA Eyes Surplus In 2014 And Beyond; Won’t Push Expansion of 2015 Race Meet\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/\",\"name\":\"Saratoga Business Journal\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/ddf5fd6df8c43505ff3a5fb93e64871d\",\"name\":\"Saratoga Business Journal\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ba402a238e359969bec40757b031230a02e1b4065fbc669f6b28ebacf90f75f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ba402a238e359969bec40757b031230a02e1b4065fbc669f6b28ebacf90f75f?s=96&d=mm&r=g\",\"caption\":\"Saratoga Business Journal\"},\"sameAs\":[\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/\"],\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/author\/saratogabusinessjournal\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NYRA Eyes Surplus In 2014 And Beyond; Won't Push Expansion of 2015 Race Meet - Saratoga Business Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/","og_locale":"en_US","og_type":"article","og_title":"NYRA Eyes Surplus In 2014 And Beyond; Won't Push Expansion of 2015 Race Meet - Saratoga Business Journal","og_description":"NYRA Senior Vice President and Chief Financial Officer Susanne Stover said in November the organization remains on track for its first operating surplus since 2000 NYRA officials said in November that its 2014 operations will result in a surplus...","og_url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/","og_site_name":"Saratoga Business Journal","article_published_time":"2014-12-11T17:48:21+00:00","og_image":[{"width":850,"height":629,"url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg","type":"image\/jpeg"}],"author":"Saratoga Business Journal","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Saratoga Business Journal","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/","url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/","name":"NYRA Eyes Surplus In 2014 And Beyond; Won't Push Expansion of 2015 Race Meet - Saratoga Business Journal","isPartOf":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#primaryimage"},"image":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#primaryimage"},"thumbnailUrl":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg","datePublished":"2014-12-11T17:48:21+00:00","author":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/ddf5fd6df8c43505ff3a5fb93e64871d"},"breadcrumb":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#primaryimage","url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg","contentUrl":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2014\/12\/nyratrackaerial-wm.jpg","width":850,"height":629},{"@type":"BreadcrumbList","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/12\/nyra-eyes-surplus-in-2014-and-beyond\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/"},{"@type":"ListItem","position":2,"name":"NYRA Eyes Surplus In 2014 And Beyond; Won’t Push Expansion of 2015 Race Meet"}]},{"@type":"WebSite","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website","url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/","name":"Saratoga Business Journal","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/ddf5fd6df8c43505ff3a5fb93e64871d","name":"Saratoga Business Journal","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ba402a238e359969bec40757b031230a02e1b4065fbc669f6b28ebacf90f75f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ba402a238e359969bec40757b031230a02e1b4065fbc669f6b28ebacf90f75f?s=96&d=mm&r=g","caption":"Saratoga Business Journal"},"sameAs":["https:\/\/www.saratoga.com\/saratogabusinessjournal\/"],"url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/author\/saratogabusinessjournal\/"}]}},"_links":{"self":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/posts\/16037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/comments?post=16037"}],"version-history":[{"count":0,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/posts\/16037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/media\/20785"}],"wp:attachment":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/media?parent=16037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/categories?post=16037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/tags?post=16037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}