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Purpose

 

In 2008, New York State provided the New York Racing Association (NYRA)

nearly $105 million in funding and forgave nearly $100 million in outstanding debt to enable the

association to emerge from bankruptcy and continue racing operations. After stating in mid-

2009 that it was financially stable, NYRA announced in December that unless a Video Lottery

Terminal (VLT) operator were selected shortly, the association would become insolvent. This

hearing will determine the accuracy of NYRAs declaration and investigate the basis for

NYRAs plight.

Using the oversight functions afforded them, the committees will gauge not only NYRAs

viability, but also that of New Yorks racing industry as a whole. The New York State handle on

horse racing has been so reduced that now it is only 26.8% of the handle thirty years ago. The

committees seek explanations for this trend and suggestions for reversing it.

To meet the needs of individuals with a disability, the New York State Senate has made its

facilities and services available to all persons with disabilities, and accommodations will be

provided, upon reasonable request, to afford such individuals access and admission to Senate

facilities and activities.

Questions about this hearing may be directed to Kent Sopris at 518-455-2622 or Cari

Abatemarco at 518-455-2618.

Oral Tesveris