The New York Racing Association (NYRA)
\nconcluded 2015 with a second consecutive
\noperational profit, officials said in December.<\/p>\n
NYRA officials said an operating profit
\nof $4 million was achieved, exclusive of
\nstatutorily-guaranteed VLT revenue, which
\nNYRA received starting in 2010, following
\ntransfer of its real estate holdings to the state.<\/p>\n
The operating profit of $4 million exceeds the
\noriginal budget of $2.2 million, as projected
\nwithin the 2015 NYRA budget.
\nThe operating surplus reflects the first time
\nNYRA has achieved back-to-back operating
\nprofits since the 1999 and 2000 fiscal years.<\/p>\n
“This is an important milestone and a very
\nmeaningful achievement,” said Christopher
\nKay, NYRA chief executive officer and president.
\n“Working together with our board and
\nnumerous stakeholders, we are fulfilling Gov.
\nCuomo’s vision of a reformed, revitalized and
\nfinancially sustainable thoroughbred racing
\nleader.”<\/p>\n
\nThe NYRA board in December voted to
\napprove the 2016 NYRA budget which it said
\ncontinues the progress and success sustained
\nover the past three years under the leadership
\nof NYRA's Reorganization Board and executive
\nmanagement team. The 2016 budget,
\nwhich relies on a continued conservative approach,
\nforecasts a third consecutive operating
\nprofit exclusive of statutorily-guaranteed
\nVLT revenues.<\/p>\n
Capital projects at Saratoga Race Course
\napproved under the 2016 budget include: upgrades to existing barns and dormitories;
\nupgrades to the irrigation systems within
\nthe Mellon and Inner Turf courses; installation
\nof new roofs for the saddling shed, upper
\ncarousel and grandstand areas; installation
\nof a new elevator and escalator within the
\ngrandstand areas; continued design work
\nfor the At the Rail pavilion; and continued
\nrestroom and ADA upgrades throughout the
\nproperty.<\/p>\n
The board received an update on NYRA's
\nsuccess promoting equine safety at all three
\nof NYRA's championship tracks. Since 2013
\nand under the leadership of the Reorganization
\nBoard and executive management team,
\nracing-related catastrophic injuries at NYRA's
\nthree championship race tracks dropped below
\nthe national average, officials said.<\/p>\n
"All of us at the New York Racing Association
\nare committed to ensuring the utmost
\nin safety and accountability at all three of
\nour championship racetracks," said Kay. "In
\nthat spirit and for the benefit of our riders,
\nour horses, the horsemen and women and
\nmost importantly, for our fans, we will continue
\nimplementation of the effective reforms
\nimplemented over the past three years. These
\nmeasures are helping the New York Racing
\nAssociation maintain the highest standards
\nin the thoroughbred industry."<\/p>\n","protected":false},"excerpt":{"rendered":"
The New York Racing Association (NYRA) concluded 2015 with a second consecutive operational profit, officials said in December. NYRA officials said an operating profit of $4 million was achieved, exclusive of statutorily-guaranteed VLT revenue, which NYRA received starting in…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-18752","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\r\n