NYRA panned by NY comptroller
ALBANY -- The state's top auditor yesterday questioned the financial management of the once-indicted, formerly bankrupt New York Racing Association.Comptroller Thomas DiNapoli said NYRA, which runs thoroughbred racing at the three state-owned thoroughbred horse tracks, continues to show weakness in its fiscal affairs and could regress because it is now expecting $48 million a year in revenue from video lottery terminal operations at Aqueduct Race Track.
DiNapoli said NYRA hasn't satisfactorily shored up its operations following two previous critical audits since NYRA's emergence from bankruptcy in 2008. That came five years after it entered a deferred prosecution agreement with federal prosecutors to answer fraud charges.
"NYRA still has not conducted a top-to-bottom review of its financial operations and taken necessary steps to curb costs, particularly for staffing and consulting contracts," DiNapoli said in his latest report on the operators of Aqueduct, Belmont and Saratoga tracks.
"NYRA stands to squander significant revenue from the recently opened VLT franchise at Aqueduct," DiNapoli said in releasing the report.
Audit highlights show NYRA:
Projected an $11.5 million deficit for calendar year 2011 and expects a $19.7 million loss from racing operations in 2012. DiNapoli said NYRA's net profits will likely be impacted by a finding that arose when auditors of the Racing and Wagering Board and the comptroller's office discovered in December that NYRA had been overcharging a whole category of bettors 1 percentage point more than allowed.
Cut overall staffing by 3 percent from 2009 to 2010, but failed to prepare a staffing analysis for each of its departments outlining the optimal number of employees in each, as auditors recommended.
Discontinued its contract with its former integrity counsel Getnick and Getnick, to whom it was paying $125,000 monthly, and awarded a more cost-effective contract to a new firm. But it failed to examine the cost effectiveness of either its existing or prospective contracts for personal and miscellaneous services.
In a response letter, NYRA president Charles Hayward said the association is committed to reducing costs and running efficiently.
DiNapoli and NYRA both tell bettors to go to Hell.
All OTBs and NYRA should be open to take bets on out of state tracks 365 days of the year.
Dear Attorney General Eric Schneiderman:
The Bettors of the State of New York and the employees of the
remaining OTBs, public benefit corporations, have no standing to ask
for your Opinion to the following simple questions with seemingly
obvious answers::
1. Will the Attorney General defend the constitutionality of NY PML Sec
105?
2. Does NY PML Sec 105 apply to Nassau OTB?
3. Does NY PML Sec 105 violate the rights of New York Bettors secured
by NY Const. Art. 1, Sec. 3?
4. Is NY PML Sec 105 vague, indefinite and/or overly broad as the term
"Easter Sunday" does not define one and only one Sunday in all years
(see eg Gregorian and Julian Calendars)?
I hope that you will sua sponte issue an Opinion as to the
above so that bettors may bet, workers may work or not as they wish,
and the State and its subdivisions make money. There are tracks running
all across the United States every day of the year that bettors want to
bet. Track calendars may be found at eg www.ntra.com.
The OTBs also
sell New York Lottery tickets which are drawn every day of the year.
The OTBs also cash non IRS Lottery tickets in cash for any sum, a
convenience for many Lotto Players.
It is critical in these current time that the OTBs are open when
customers want to bet. I believe that your Opinion will belatedly
validate the actions of New York City OTB taken on the advice of its
Counsel in 2003.
Sincerely yours,
January 5, 2012
Open
On 1st Palm Sunday, Otb Rakes In $2m - New York
Daily News
articles.nydailynews.com/.../1......
Open On 1st Palm Sunday, Otb Rakes
In $2m. BY JERRY BOSSERT DAILY NEWS SPORTS WRITER. Monday,
April 14, 2003. New York City Off-Track Betting ...
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