Tuesday, May 25, 2010

“Horse racing-NY horse racing season saved by $25 million loan” plus 3 more

“Horse racing-NY horse racing season saved by $25 million loan” plus 3 more

Horse racing-NY horse racing season saved by $25 million loan

Posted: 25 May 2010 11:33 AM PDT

The rest of the 2010 horse racing season was saved when the New York state legislature approved a $25 million loan to the cash-strapped operator of New York's major thoroughbred racing tracks.

New York Governor David Paterson gave lawmakers a bill Monday to provide a working capital loan for New York Racing Association (NYRA) as part of a budget extender bill, and it was passed late on Monday.

NYRA, operator of Belmont, Saratoga and Aqueduct race tracks, last week sent notices to more than 1,400 employees saying layoffs could be expected as early as June 9 if state funding was not obtained.

The loan was approved as Belmont Park prepares for the June 5 Belmont Stakes, the third leg of the Triple Crown.

The loan is to be repaid by NYRA through revenues received from video lottery terminals yet to be built at Aqueduct Race Track. It must be must be repaid by March 31, or 30 days after a vendor has been selected for the terminals.

The state had promised NYRA operating money from April 2009 if video lottery terminals were not in operation at Aqueduct by that date. That left NYRA short about $35 million in anticipated revenue, according to U.S. Rep. Scott Murphy, whose district includes the Saratoga track. (Writing by Larry Fine, Editing by Frank Pingue; To query or comment on this story email sportsfeedback@thomsonreuters.com)

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Former Atlantic City mayor calls for end of casinos' $30M subsidy to horse racing tracks

Posted: 25 May 2010 06:53 AM PDT

By The Associated Press

May 25, 2010, 10:32AM

jim-whelan.jpgAmanda Brown/The Star-LedgerSenator Jim WhelanATLANTIC CITY — The bad blood between New Jersey's horse racing tracks and its casinos escalated today when a state senator who supports the casinos proposed ending the $30 million annual subsidy that the casinos provide to help keep the tracks alive.

Sen. James Whelan, a former mayor of Atlantic City, said the subsidy should end, even if it means the end of horse racing in New Jersey.

"That's what happens in a capitalist society," said Whelan, a Democrat from Atlantic County. "If there's no demand for a product, why should we as an industry and as a society feel obligated to prop it up?"

Whelan made his comments during the opening remarks at the East Coast Gaming Congress, a casino industry gathering in Atlantic City.

In recent years, race tracks and casinos have been fighting each other for a dwindling pot of money from gamblers. The tracks say they can't survive without a subsidy from the nearly $4 billion Atlantic City casino industry, and also want the right to install slot machines at race tracks.

That's something the casinos adamantly oppose.

Thomas F. Luchento, president of the Standardbred Breeders & Owners Association of New Jersey, blasted Whelan's proposal.

"What they want to do is to try and stomp out the horse racing business," he said. "As soon as we were done for, they'd move right up there. It's clear that if we weren't in their way, they would move in."

He said horse racing is a $1 billion-a-year industry in New Jersey.

"How can you turn down a $1 billion a year?" he asked. "I understand that the average guy in Newark doesn't care whether there is horse racing in New Jersey. But he does care that his property tax goes down."

Luchento said earlier this year that racing's share of state gambling tax revenue in New Jersey has decreased from 81 percent to 1 percent since casinos were first allowed in 1978.

Casinos have subsidized New Jersey's tracks since 2004 to help them provide the same kind of purses now being offered in neighboring states by tracks equipped with racinos, an industry term combining racing and casinos, to describe a race track that has slot machines. The higher purses are needed to attract the best horses and jockeys.

The total amount of the subsidy through 2011 is estimated at $176 million.

The racing industry has about 2,050 employees and generates about $31 million in annual state and local taxes, according to a 2007 study by Rutgers University.

Whelan said he is waiting for the recommendations of a panel appointed by Gov. Chris Christie to study the state's gambling industry. A spokesman for the governor said the report is due at the end of June.

"Until then, legislation aimed at protecting turf seems a bit premature," he said. "Our goal is to come up with a comprehensive approach that considers the future use of all of New Jersey's entertainment assets."

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Horse Racing Fans Brave Weather For Festive Day at Breeders' Cup

Posted: 24 May 2010 10:13 PM PDT

Even though the Breeders' Cup is like the Super Bowl of horse
racing, many people in New York City had no idea it was going on
in their backyard. However, the 54,000 horse-racing fans who
braved a blustery day at Belmont Park on Long Island this past
weekend were rewarded with 10 races showcasing the top horses
in the nation.

The festivities of one of the premier horse-racing events kicked off
much earlier than the 12:05 p.m. post time for the first race. Many
fans saddled with extra tickets woke up in the wee hours of the
morning in order to station themselves outside the track in an
attempt to sell the remaining tickets. For most, selling the tickets
was little to no challenge, as horse racing aficionados swarmed
off of the Long Island Railroad and quickly gobbled up the few
extra seats that remained before the first race began.

The day opened with two races of less quality than what would be
seen the rest of the afternoon. Furthermore, they also proved to be
anomalies, as two odds on favorites won for the only time all day.
In the first race, post time favorite Graeme Hall raced away to
victory, while renowned trainer D. Wayne Lukas picked up a victory
in the second race with Kentucky bred Yonaguska.

After the first two races, during which many people were still
trickling into the stadium, the main events began. Throughout the
rest of the afternoon the day followed a familiar routine for the
thousands of bundled up fans. At the beginning of each race, the
attendees anxiously awaited the sound of the gate opening and
then cheered for the horse on which they had placed their money
or of which they were genuine fans. When the horses turned down
the last straightaway, the announcer would always bellow, "AND
DOWN the stretch they come!" as fans rose to their feet. When the
horses crossed the finish line, it was easy to see whom had
benefited financially from the outcome and whom had lost by
simply looking at who was jumping in the air and who was
throwing the little white betting slips on the floor in
disgust.

Without a doubt the highlight of the day came in the last race, the
Breeders' Cup Classic, which featured a four million dollar purse
for the winners. The race featured the top trainers and jockeys in
the business, including the likes of Pat Day, Gary Stevens, Jorge
Chavez, Chris McCarron, and Jerry Bailey.

The fans rose to their feet as soon as the announcer announced
the race and the horses walked on to the track for the warmup.
Everyone would remain standing until the last horse crossed the
finish line. Though the race was stocked with talented new steeds,
in the end it was last year's winner, Tiznow, ridden by McCarron,
battling hard to hold off a charging Sakhee nose-to-nose down to
the wire.

As the two magnificent creatures stretched their straining bodies
across the finish line, the stands went crazy, although no one was
quite sure which horse had crossed the finish line first. After the
initial cheer went up, the stands again quieted as everyone
awaited the official results. Then, yet again, the cheers erupted
when Tiznow was officially announced the winner.

As the rosy-cheeked fans filed out of the stadium, many leaving
with less money than they had come with and some with more,
everyone was left satisfied by a truly superb finish to a great day of
championship racing.

Tags: Sports, Nick Fisher

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Calls to end NJ casinos' $30M horse tracks subsidy

Posted: 25 May 2010 10:38 AM PDT

ATLANTIC CITY, N.J. (AP) -- The bad blood between New Jersey's horse racing tracks and its casinos escalated Tuesday when two state senators who support the casinos proposed ending the $30 million annual subsidy that the casinos provide to help keep the tracks alive.

Sen. James Whelan, a former mayor of Atlantic City, said the subsidy should end, even if it means the end of horse racing in New Jersey.

"That's what happens in a capitalist society," said Whelan, a Democrat from Atlantic County. "If there's no demand for a product, why should we as an industry and as a society feel obligated to prop it up?"

Whelan made his comments during the opening remarks at the East Coast Gaming Congress, a casino industry gathering in Atlantic City.

Later in the day, state Senate President Stephen Sweeney echoed those comments.

"There's a commitment in New jersey not to tear this place apart," Sweeney said. "Race tracks have to be able to stand on their own. The casinos have made an enormous investment here, billions and billions of dollars.

"I don't think casinos should be spending $30 million on horse racing," he said. "They should be spending it on promoting casinos."

In recent years, race tracks and casinos have been fighting each other for a dwindling pot of money from gamblers. The tracks say they can't survive without a subsidy from the nearly $4 billion Atlantic City casino industry, and also want the right to install slot machines at race tracks.

That's something the casinos adamantly oppose, and something Sweeney vowed not to allow a vote on.

Thomas F. Luchento, president of the Standardbred Breeders & Owners Association of New Jersey, blasted Whelan's proposal.

"What they want to do is to try and stomp out the horse racing business," he said. "As soon as we were done for, they'd move right up there. It's clear that if we weren't in their way, they would move in."

He said horse racing is a $1 billion-a-year industry in New Jersey.

"How can you turn down a $1 billion a year?" he asked. "I understand that the average guy in Newark doesn't care whether there is horse racing in New Jersey. But he does care that his property tax goes down."

Luchento said earlier this year that racing's share of state gambling tax revenue in New Jersey has decreased from 81 percent to 1 percent since casinos were first allowed in 1978.

Casinos have subsidized New Jersey's tracks since 2004 to help them provide the same kind of purses now being offered in neighboring states by tracks equipped with racinos, an industry term combining racing and casinos, to describe a race track that has slot machines. The higher purses are needed to attract the best horses and jockeys.

The total amount of the subsidy through 2011 is estimated at $176 million.

The racing industry has about 2,050 employees and generates about $31 million in annual state and local taxes, according to a 2007 study by Rutgers University.

Whelan said he is waiting for the recommendations of a panel appointed by Gov. Chris Christie to study the state's gambling industry. A spokesman for the governor said the report is due at the end of June.

"Until then, legislation aimed at protecting turf seems a bit premature," he said. "Our goal is to come up with a comprehensive approach that considers the future use of all of New Jersey's entertainment assets."

Associated Press writer Aaron Morrison in Trenton contributed to this report.

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