Noting that the “reforms and initiatives
\nthat we have collectively implemented
\nare beginning to generate real,
\ntangible results”, New York Racing Association
\nCEO and President Chris Kay
\ndelivered a positive report to the group’s
\nboard of directors in August.<\/p>\n
Kay’s remarks capped a meeting complete
\nwith the seating of a new board
\nmember, Marc Holliday, and a series of
\ncommittee reports and a financial overview
\noffered by Chief Financial Officer
\nSusanne Stover.<\/p>\n
Stover reported that the organization’s
\nfinancial performance continues on a
\npositive trajectory, and that a review of
\nEquibase data for the three months ending
\nJune 30 saw wagering on NYRA races
\nbucking the national trend, growing by 5
\npercent while national wagering fell by
\n2 percent.<\/p>\n
Further, the Equibase data cited by
\nStover showed that every dollar invested
\nin purses at NYRA during the three
\nmonths ending June 30 yielded $14.82
\nin handle, compared to $9.96 industrywide.<\/p>\n
NYRA contributed 4 percent of total
\nindustry race days, offered 14 percent
\nof purses, and generated 21 percent of
\nthoroughbred handle across the U.S.,
\naccording to Stover.<\/p>\n
Kay noted that it has been nearly two
\nyears since a confluence of events led
\nGov. Andrew M. Cuomo to direct the
\nformation of a temporary, publically controlled
\nbody – the NYRA Reorganization
\nBoard – tasked with transforming NYRA
\ninto a model of accountability, efficiency
\nand sustainability.<\/p>\n
Kay said in the past year alone, a new
\nmanagement team was put together.
\nThrough prudent budgeting, demanding
\ngreater efficiencies and securing more
\nfavorable revenue streams, the organization
\npaid off a $25 million loan from Resorts
\nWorld and is now debt-free. Further,
\nthe organization is currently on-track to
\nachieve its first operating surplus since
\n2000, he said.<\/p>\n
Embracing recommendations in the
\n2012 New York Task Force, the organization
\nhired one of the first safety stewards
\nin the nation, Hugh Gallagher. Gallagher
\nis a nationally-renowned leader in equine
\nsafety and is working with NYRA’s Horse
\nWatch Detail to prevent illegal use of
\nrace day medications.<\/p>\n
Working in concert with the State
\nGaming Commission, racing operations
\nat Belmont, Aqueduct and Saratoga Race
\nCourse are safer than any point in recent
\nmemory, said Kay.<\/p>\n
NYRA set out to enhance the experience
\nfor its guests at its Aqueduct, Belmont
\nand Saratoga tracks.
\nAt Saratoga, there were nearly $2 million
\nin capital improvements designed
\nto provide an enhanced experience.<\/p>\n
This included several technological
\nenhancements, such as hundreds of new
\nHD televisions, enhanced Wi-Fi capacity,
\na new, improved sound system, Trakus
\ntechnology for horseplayers and three
\nnew HD video boards across the property.
\nAdditionally, families were able to utilize
\nan expanded children’s playground and
\nvisit the new “Horse Sense” exhibit. More
\nthan 125 new picnic tables were also
\ninstalled throughout the backyard.<\/p>\n
Regarding the organization’s preparations
\nfor re-privatization by 2015, including
\nthe development of a three-year
\nfinancial plan and potential utilization of
\nreal estate assets, Kay said that progress
\nis continuing in this area, with further
\nupdates to be provided to the board in
\nthe coming months.<\/p>\n
On Sept. 2, in a new release, NYRA
\nsaid paid attendance for the 40-day meet
\nreaching 972,018. Attendance in 2013 was
\n867,182. But this year NYRA sold more
\nthan 6,000 season passes. Those were
\nincluded in the daily figures, regardless
\nof how many actually attended. But NYRA
\nalso stopped counting people called
\n“spinners,” who on give-away days buy
\nmultiple admission tickets to get multiple
\nsouvenir items. Those thousands
\nof admissions were included in NYRA
\nfigures in the past.<\/p>\n
NYRA reported the final on-track
\nhandle was $150.4 million, up from $147.5
\nmillion in 2013. The all-sources handle,
\nwhich includes wagering on Saratoga
\nboth on-track and at simulcast outlets
\nnationwide, dropped from $586.7 million
\nin 2013 to $571.2 million in 2014.
\nHe said Saratoga also experienced
\nstrong food and beverage sales, commensurate
\nwith the increase in attendance
\nfor 2014.<\/p>\n
The 2014 Saratoga season saw a record
\n$17.45 million in stakes purses, topped by
\ntwo blockbuster racing days: the Grade
\n1, $1.25 million Travers on August 23
\nand the Grade 1, $1.5 million Whitney
\non August 2.<\/p>\n","protected":false},"excerpt":{"rendered":"
Noting that the “reforms and initiatives that we have collectively implemented are beginning to generate real, tangible results”, New York Racing Association CEO and President Chris Kay delivered a positive report to the group’s board of directors in August….<\/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":[57,102,103],"class_list":["post-28565","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-ny-state","tag-nyra"],"yoast_head":"\r\n