teacher Christopher Kay takes monotheism to NEW HEIGHTS BY STAMPING OUT EASTER SUNDAY AND PALM SUNDAY. HE CAN'T READ NY CONST ART 1, SEC 3 ETC
NY Region
High Stakes for N.Y. Horse Racing
Governing Body for Belmont and Other State Tracks Faces an Uncertain Future
May 30, 2014 9:15 p.m. ET
Christopher Kay, President and chief executive, New York Racing Association
Agaton Strom for The Wall Street Journal
ELMONT, N.Y.—In the spring and fall,
Christopher Kay,
chief executive of the New York Racing Association, works in a
spacious office at Belmont Park. From its wide balcony, he looks out
over the thoroughbred racetrack's leafy paddock, sun-dappled picnic
areas and statue of 1973 Triple Crown winner Secretariat.
But
when the racing season shifts to Aqueduct Racetrack twice a year, the
man charged with crafting the nonprofit's long-term strategy—and
spiffing up Belmont for the coming Triple Crown spotlight—shifts to a
more modest office with a grittier view: a Queens parking lot. He'd like
to stay at Belmont year-round, he said, but the aging clubhouse isn't
heated.
So Mr. Kay—like New York's racing fans, trainers, owners and horses—makes do until a better solution comes along.
Christopher Kay
President and chief executive, New York Racing Association- Former managing director of international business development, Universal Parks Resorts
- Former chief operating officer, the Trust for Public Land
- Former chief operating officer and general counsel, Toys 'R' Us
That may not be far off. NYRA faces a
watershed moment—and not just because a prestigious Triple Crown is on
the line at this year's Belmont Stakes. For 14 years, the nonprofit
corporation has had an operating deficit and suffered a decade of
overall decline in betting. By April 2015, its board must deliver a
strategic plan for the future of its three tracks—Long Island's Belmont,
Aqueduct in Queens and the upstate Saratoga Race Course—to Gov.
Andrew Cuomo,
who in 2012 took control of NYRA's board.
All
options are on the table, including fixing, leasing or even shuttering
any combination of the tracks. Whatever the outcome, the state, which
owns the land, will likely be involved.
Mr. Kay, age 61, took the NYRA reins
in July 2013. A former trial attorney, he has held senior positions in a
diverse range of industries, with career achievements including a new,
revenue-producing strategy for the Trust for Public Land, a pivotal role
in the $6.6 billion sale of Toys 'R' Us and global business development
for Universal Parks & Resorts.
One
thing he didn't have: prior experience operating race tracks or owning
horses. Mr. Kay, a St. Louis native who acknowledged that his fandom
runs deepest for his hometown baseball team, said his learning curve
quickly included a recognition of "how important NYRA was to the rest of
the industry."
That value is rooted in
New York's unique ability to simulcast nearly year-round racing to
national and international wagering sites, by rotating events between
its three venues. In 2013, NYRA's 239 days of racing (less than planned,
due to bad weather) drew a gross total of $2.19 billion in wagering.
That is about 20% of the total bets on thoroughbred racing in the U.S.,
according to NYRA.
"It's fair to say
that as NYRA goes, so goes the rest of the industry," said
Alex Waldrop,
who heads the National Thoroughbred Racing Association, the
industry's trade group. "It's critical that there be a healthy NYRA for
the industry to move forward."
For
years, the direction wasn't promising. But in 2006, NYRA filed for
bankruptcy protection and was saved in 2008 when it gave the state its
property rights in exchange for forgiveness of some $200 million in debt
and a percentage of slot-machine revenue from the casino that would
soon adjoin Aqueduct.
According to
NYRA, it has earned $127 million from the Resorts World Casino New York
City, operated by Genting Group. That money is split between earmarks
for bigger purses, operations and capital expenditures.
With NYRA's finances improving, Mr. Kay's central objective this year is "to operate with a break-even or surplus," he said.
But
to meet that goal, he must address long-standing problems—including
outdated infrastructure at all three facilities and the fact that, for
most of the year, the clubhouses resemble ghost towns.
Mr.
Kay, a former Sunday-school teacher who lives in Westchester with his
wife of 36 years, approaches the problem with a Midwestern can-do
attitude.
Citing a business-leadership
book that focuses on taking ego out of the game, he said he focuses
instead on: "What are the most significant problems or opportunities?"
and "Who are the most important stakeholders?"
It's
a way of thinking he exhibited at Trust for Public Land, according to
Adrian Benepe,
senior vice president at the trust. "He was challenging the
organization to do things differently," said Mr. Benepe. "He didn't look
at it just as parks. He looked at: What are the crucial issues?"
There,
Mr. Kay formulated a new strategy to support parks by addressing
Environmental Protection Agency water regulations while creating a new
consulting revenue stream for the trust.
With
his emphasis on stakeholders, it follows that Mr. Kay's biggest NYRA
agenda items include enhancing the guest experience and improving the
quality of racing, which serves fans, bettors and horsemen. For Belmont
Stakes Day, he has created new hospitality options to attract and
impress patrons.
This year, he
introduced the Champagne Room, with bubbly, music, dining tables and an
exclusive outdoor area near the rail for $300 a person.
Guests
who purchased outdoor box seats or second-floor clubhouse seats will
have access to the new Trophy Room, which will have a buffet and the
Belmont and Triple Crown trophies. Those seats, and traditional dining
options, were sold out before the Preakness Stakes.
He is also bringing in bigger-name entertainers than in the past, like LL Cool J.
Ticket prices now range from $10 grandstand admission to $1,000 seats that were added in late May in response to demand.
This,
Mr. Kay recently told the NYRA board, is how the Belmont Stakes will
look going forward. Which makes him sound like someone who plans to
stick around—rather than clean up and pass it all off to the highest
bidder.
Write to Pia Catton at pia.catton@wsj.com
HI-
Thanks for
the help. The item’s below. I’d be happy to mail you a copy,
if you give me a mailing address.
Claude
Solnik
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913-4244
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Home > LI
Confidential > Stop
scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
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