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NYRA Board Preparing Privatization Plan
NYRA president Christopher Kay
After three and a half years under the supervision of New York State, the New York Racing Association is preparing to return to private control, board chairman Michael Del Giudice said at a meeting of the association's board of directors March 10 in New York City.
Though the plan for privatization, due to be submitted to Gov. Andrew Cuomo in April by state statute, is still being finalized, NYRA chairman and chief executive officer Christopher Kay said the plan will be largely unchanged from the one the association expected to submit a year ago.
During last year's state budget process, Cuomo announced he was extending state oversight of NYRA by a year. Kay said he expects no such extension to be announced this year.
Cuomo seized control of NYRA in the fall of 2012, following allegations that NYRA improperly charged a higher pari-mutuel takeout rate on exotic wagers than was permitted by state law. The initial period of state oversight was supposed to end last October.
The plan for privatization will include a summary of NYRA's reorganization efforts to date, a proposed governance structure similar to that proposed in 2014, proposed legislative and regulatory changes to secure long-term stability for NYRA, and a business plan.
The 2014 governance proposal suggested that NYRA might propose a board of directors smaller than its current 17 members, one composed of some members selected by the state but not so many, NYRA general counsel Joseph Lambert said at the time, that NYRA would continue to be controlled by the state.
The board of directors will meet during the week of April 11 to approve the plan.
Acting chief financial officer and controller Jelena Alonso presented a positive review of NYRA's 2015 finances, noting that the unaudited results point to operating income from racing operations of $3.5 million, up from $1.8 million in 2014 and $1.3 million higher than the organization budgeted.
Wagering on racing at Aqueduct Racetrack, Belmont Park, and Saratoga Race Course rose 2.6% to $2.5 billion, with wagering on NYRA races alone up over the previous year 3% to $2.2 billion.
Operating expenses of $160.3 million exceeded the budget by $8.2 million, due in large part, Alonso said, to $5 million owed to NYRA by Nassau County Off-Track Betting Corp., which has proposed building a video lottery terminal facility at Belmont.
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