From the New York Times-
ALBANY, Nov. 2 â€” The New York Racing Association, which operates the stateâ€™s three thoroughbred racetracks, filed for bankruptcy protection on Thursday, the latest chapter in a troubled recent history.
The racing association has owned the franchise to operate the Aqueduct, Saratoga and Belmont racetracks since 1955, but has been affected by a series of scandals that culminated in the appointment of a federal monitor and the installation of a new management team in 2004. The associationâ€™s franchise expires at the end of next year, and two major for-profit bidders with considerable political clout and financial muscle are also vying for the rights.
Of late, the associationâ€™s prospects for a comeback have been hampered by a feud with the Pataki administration, which has held up the installation of 4,500 video lottery terminals for Aqueduct that were approved by the Legislature and are seen by the association as a critical source of revenue.
The administration has also been slow to disburse a $30 million loan approved by the Legislature last year. The state and the association have also clashed over who owns the land where the racetracks are located, an issue that will probably be addressed by a bankruptcy court judge.
The dispute with New York state didn’t help the NYRA but it wasn’t the sole cause of the association’s downfall. The signs of horse racing’s decline have been obvious for years. Tracks are closing almost everywhere. Roosevelt Raceway on Long Island is closed, Yonkers is planing to become a casino. That only leaves the Meadowlands in New Jersey as the standardbred track in the NYC area. Thoroughbred racing is faring no better. Even Pimlico Downs, home of the famous Preakness Stakes race, is in dire straits.
With gamblers being given new ways to spend their cash with every passing day, the life of horse racing in this country continues to ebb away. The Sport of Kings may not survive.
- 54 horses quarantined at Hoosier Park
- Rachel Alexandra wins the Preakness Stakes
- Rosecroft Raceway ceases operations
- Board votes to discontinue harness racing at Prairie Meadows
- Ruling say Yonkers Raceway owed millions of dollars
- Michigan horse racing tracks may shut down in November
- Decline of horse racing in Maryland
- New Jersey committee report on horse racing states ‘the status quo is not sustainable’
- Maryland Governor signs Pimlico legislation
- Another doomed horse racing track- Vernon Downs
- Eight is Enough- Edmonton beats Chicago 8-4
- Lydia Ko wins New South Wales Open
- The Comeback I- Pittsburgh Penguins beat NY Islanders 5-0
- Seattle Mariners Outfielder Greg Halman stabbed to death at age 24
- Hee Young Park wins CME Titleholders Championship
- Oklahoma State Women’s Basketball Coach Kurt Budke dead at 50
- Costly mistake- Blackhawks waive Rostislav Olesz
- Manager Tony La Russa announces retirement
- Puck Drop- Florida Panthers start the 2011-12 NHL season
- 13-time PGA Tour winner Dave Hill dead at 74
- Can or should Hialeah Park be saved? linked with OTB Sports
- Horse owners want bigger share of slots revenue at Pompano Tracetrack linked with OTB Sports
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