NYRA Not Sure Bet

20 Jun 2005

ALBANY, New York – As reported by the Albany Times-Union: "Facing a deadline that could determine its fate, the New York Racing Association remains on shaky ground as it works to break free of criminal charges and clear itself of tens of millions of dollars in debts.

"Federal prosecutors will decide in the coming days whether to drop felony charges, seek a criminal trial or give NYRA more time to get its house in order as it struggles to get out from under a December 2003 indictment in a massive tax fraud scheme.

"…NYRA, a nonprofit corporation, is eager to extend its exclusive state franchise to run thoroughbred races at the Saratoga, Aqueduct and Belmont tracks and to build a big video lottery terminal casino at Aqueduct. The franchise expires at the end of 2007, and competitive bidding is expected next year to see who will get the state's horse racing business starting in 2008.

"But NYRA has broken or failed to meet several conditions laid down by prosecutors -- which were seen as a way NYRA could get off the hook from prosecution.

"NYRA still owes the state about $72 million in loans, even as it is losing millions of dollars annually. Audits suggest it hasn't met the requirement that it provide a reasonable return to the state treasury. And it hasn't complied with a state order to cough up $8 million for horsemen whose purses were shorted.

"…Over the past 18 months, it operated under the direction of a court-appointed monitor. NYRA officials say they've made scheduled semiannual payments on $3 million in fines for its role in helping dozens of NYRA clerks file fraudulent income tax returns. However, it has yet to honor several other specific provisions agreed to under the signature of former Chief Executive Officer Barry K. Schwartz…"

Language: Any Language Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue
	NYRA Not Sure Bet 20 Jun 2005 ALBANY, New York – As reported by the Albany Times-Union: "Facing a deadline that could determine its fate, the New York Racing Association remains on shaky ground as it works to break free of criminal charges and clear itself of tens of millions of dollars in debts. "Federal prosecutors will decide in the coming days whether to drop felony charges, seek a criminal trial or give NYRA more time to get its house in order as it struggles to get out from under a December 2003 indictment in a massive tax fraud scheme. "…NYRA, a nonprofit corporation, is eager to extend its exclusive state franchise to run thoroughbred races at the Saratoga, Aqueduct and Belmont tracks and to build a big video lottery terminal casino at Aqueduct. The franchise expires at the end of 2007, and competitive bidding is expected next year to see who will get the state's horse racing business starting in 2008. "But NYRA has broken or failed to meet several conditions laid down by prosecutors -- which were seen as a way NYRA could get off the hook from prosecution. "NYRA still owes the state about $72 million in loans, even as it is losing millions of dollars annually. Audits suggest it hasn't met the requirement that it provide a reasonable return to the state treasury. And it hasn't complied with a state order to cough up $8 million for horsemen whose purses were shorted. "…Over the past 18 months, it operated under the direction of a court-appointed monitor. NYRA officials say they've made scheduled semiannual payments on $3 million in fines for its role in helping dozens of NYRA clerks file fraudulent income tax returns. However, it has yet to honor several other specific provisions agreed to under the signature of former Chief Executive Officer Barry K. Schwartz…"