NYRA Offers Idea of Stock Company

18 May 2005

ALBANY, New York – As reported by the Albany Times-Union: "The New York Racing Association is considering converting to a publicly traded company to help the state raise hundreds of millions of dollars and give the association a better chance to hold its monopoly on the franchise to run races at the state's three thoroughbred tracks.

"NYRA President Charles Hayward said the association contends it owns the Saratoga, Belmont and Aqueduct racetracks since it possesses the deeds and pays the real estate taxes. The state, which maintains it owns the tracks, is proposing putting the franchise up for bid next year. NYRA's franchise runs out at the end of 2007.

"Hayward told lawmakers Tuesday at a joint legislative hearing on the future of racing that NYRA's ownership of the racetracks could be an obstacle to the bidding plan.

"…NYRA has been a private, nonprofit company since it secured the state racing franchise in 1955. The new structure could be similar to the model used by Empire Blue Cross Blue Shield, Hayward said. The insurer converted to a stock company called WellChoice three years ago…"

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	NYRA Offers Idea of Stock Company 18 May 2005 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> ALBANY, New York – As reported by the Albany Times-Union: "The New York Racing Association is considering converting to a publicly traded company to help the state raise hundreds of millions of dollars and give the association a better chance to hold its monopoly on the franchise to run races at the state's three thoroughbred tracks. "NYRA President Charles Hayward said the association contends it owns the Saratoga, Belmont and Aqueduct racetracks since it possesses the deeds and pays the real estate taxes. The state, which maintains it owns the tracks, is proposing putting the franchise up for bid next year. NYRA's franchise runs out at the end of 2007. "Hayward told lawmakers Tuesday at a joint legislative hearing on the future of racing that NYRA's ownership of the racetracks could be an obstacle to the bidding plan. "…NYRA has been a private, nonprofit company since it secured the state racing franchise in 1955. The new structure could be similar to the model used by Empire Blue Cross Blue Shield, Hayward said. The insurer converted to a stock company called WellChoice three years ago…"