An audit released on Friday by state Comptroller Tom DiNapoli found the New York Racing Association has generated deficits of $109 million over the last five years through traditional racing operations, while the management is yet to put together a plan for profitability. 
The audit comes amid a debate for handing NYRA off to private control once again, a push that is being led by prominent citizens in Saratoga Springs connected to the racing industry as well as lawmakers from the area. 
The Belmont Stakes, the third leg of racing’s triple crown and the most prominent event NYRA oversees, is being held Saturday at Belmont Park in Nassau County. 
“NYRA relies on Video Lottery Terminals to stay in the black, but that revenue stream isn’t guaranteed to continue as strongly, especially as new casinos open up across the state,” DiNapoli said. “NYRA needs to come up with a plan to make money on racing operations, especially as it seeks to return to private control. Without such a plan, NYRA’s long term solvency could be a long shot.” 
The VLT revenue has led to a series of annual surpluses for NYRA between 2012 and 2014. Over the last three years in which the audit was conducted, the association received $318 million in VLT revenue, $68 million of which was dedicated to general NYRA operations. 
NYRA declared bankruptcy in 2008, with the public-benefit corporation entering into a settlement that conveyed rights, titles and interests of racetrack properties to the state. The state government in return forgave nearly all of NYRA’s debt obligations. 
NYRA fell under state control in 2012 following a investigation that found its leadership had improperly taken out funds from exotic wagers. State control is due to expire in October.