NYRA Sees 25% Increase In Operating Loss Despite Belmont Getting Triple Crown Boost

NYRA yesterday “reported an operating loss from racing operations” of $6.1M for the first half of '15 “before income from video lottery terminals are factored in," 25.5% larger than the $4.9M operating deficit for racing during the same period last year, according to Casey Seiler of the Albany TIMES UNION. NYRA's $28.9M in net VLT revenue represented an increase of 3.3% over last year, which "combined with a drop in non-operating expenses,” gave NYRA $10.4M in net income. This represents a 16.7% "increase over the first half" of ‘14. That positive bottom line was helped by $1M in “net racing revenue from the Belmont Stakes, the climax of American Pharoah's successful run for the Triple Crown.” The analysis blamed a $667,000 drop in racing revenue in Q1 '15 on "the impact of extreme weather conditions." There were 16 "weather-related cancellations of race days in the first half of the year," and attendance was "down across the board" (Albany TIMES UNION, 8/12).