NYRA President & CEO Chris Kay yesterday said that the organization "will not include a proposal regarding the future of Aqueduct" when its Reorganization Board "makes its recommendations to the state regarding the future of the company and its three racetracks," according to David Grening of the DAILY RACING FORM. The "prevailing theory" since New York Gov. Andrew Cuomo appointed a new NYRA board in '12 "was to consolidate racing into one downstate track -- presumably Belmont Park -- and Saratoga." But Kay said, "Our current thought is not to include any recommendations regarding any changes in the operations of either Aqueduct or Belmont as part of our reorganization plan." Kay mentioned that the BOD has invested $14M into Aqueduct "over the last year-plus." However, Kay also claims that Aqueduct’s '13-14 winter meet lost $11.9M, "exceeding the budgeted loss" by $2M. Grening noted most of yesterday’s meeting "was spent discussing what a new NYRA board would look like, but offered few other details" (DRF.com, 11/12). Kay suggested that as a result of the "losses and the decline in the horse population ... the possibility of fewer race days -- a minimum of which is not required by New York state statute -- is something he will discuss in an upcoming meeting with the New York State Gaming Commission. " Kay and NYRA Senior VP & CFO Susanne Stover expect that the organization will end '14 with a $1.5M surplus, "exclusive of video lottery terminal revenue from the Genting casino." They added that it "would be NYRA's first operating surplus in 13 years, a result of an increase in revenue from this year's Belmont Stakes; an increase in the cost of the simulcast signal and admission prices; and a decrease in labor costs." They expect that there will be "increased surpluses" in '15 and '16 (BLOODHORSE.com, 11/12).
