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NYRA Hopes To Grow Racing Revenues With New Saratoga Facility

NYRA's new Saratoga project is partially inspired by the fan experience at football stadiumsGETTY IMAGES

NYRA is attempting to "strengthen its non-gambling revenues and protect the long-term future of thoroughbred racing in New York" with a proposed "three-story luxury viewing facility at the Saratoga Race Course," according to David Lombardo of the Albany TIMES UNION. NYRA has been "dogged in recent years by criticisms that its profits are driven solely by electronic gambling revenue from the Resorts World Casino, while their racing operations have struggled to stay out of the red." NYRA President & CEO Chris Kay said that the "new 36,000-square-foot pavilion near the finish line at Saratoga, which could open" for the '19 meet, is "part of their focus on generating revenue from different experiences at the track." Gambling "remains indispensable" to NYRA, though, with $2.55B "bet on their three tracks" in '17. The new Saratoga project, "especially the six luxury boxes on the third floor, are partially inspired by the fan experience at football stadiums." NYRA is also "hoping the accommodations will appeal to a new generation of thoroughbred owners." NYRA's bet on "revenue from new tiers of fan experiences will first be tested on July 20, when this summer's meet debuts a new facility -- The Stretch -- at the north end of the grandstand." Kay said that seasonal use of the high-end accommodations, which "range from $1,190 for a premium seat to $19,800 for the largest box, has been almost completely reserved" (Albany TIMES UNION, 5/2). In New York, Paul Post noted the new facility "will replace the temporary At the Rail Pavilion and trailers near the track’s clubhouse turn." The project was "approved Monday by the state Racing Franchise Oversight Board that monitors" NYRA’s business matters (SARATOGIAN, 5/1).

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