Schwartz: Franchise Extension Needed for VLTs

17 Feb 2004

NEW YORK – As reported by Bloodhorse: ``New York state has no choice but to give the New York Racing Association an extension of its franchise if it wants to get video lottery terminals operating at Aqueduct, NYRA chairman Barry Schwartz said.

``Schwartz, in a Feb. 16 interview, said NYRA needs an extension if it is to secure $140 million in financing to construct a racino at the track. The NYRA franchise expires Dec. 31, 2007; it would have automatically been extended until 2013 had NYRA been able to get VLTs operational by March 1.

``Schwartz said he would be comfortable if state officials were to grant NYRA a two- or three-year extension, instead of the six years that Republicans and Democrats were willing to give NYRA before its legal problems last year that cost it an indictment, "deferred prosecution," and $3-million fine.

``The extra time would provide NYRA with "an opportunity to demonstrate we will be the kind of organization that will make everyone happy in the state," Schwartz said…"

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	Schwartz: Franchise Extension Needed for VLTs 17 Feb 2004 NEW YORK – As reported by Bloodhorse: ``New York state has no choice but to give the New York Racing Association an extension of its franchise if it wants to get video lottery terminals operating at Aqueduct, NYRA chairman Barry Schwartz said. ``Schwartz, in a Feb. 16 interview, said NYRA needs an extension if it is to secure $140 million in financing to construct a racino at the track. The NYRA franchise expires Dec. 31, 2007; it would have automatically been extended until 2013 had NYRA been able to get VLTs operational by March 1. ``Schwartz said he would be comfortable if state officials were to grant NYRA a two- or three-year extension, instead of the six years that Republicans and Democrats were willing to give NYRA before its legal problems last year that cost it an indictment, "deferred prosecution," and $3-million fine. ``The extra time would provide NYRA with "an opportunity to demonstrate we will be the kind of organization that will make everyone happy in the state," Schwartz said…"