NY Governor introduces bill connected to the NYRA

New York Gov. Andrew Cuomo introduced legislation to return New York Racing Association to private control and place a cap on the amount of money the NYRA receives from casino subsidies.

US.-  New York Gov. Andrew Cuomo has introduced new legislation that would return the New York Racing Association to private control but reserve six appointments to NYRA’s board for the state governor and place a cap on the amount of money that NYRA receives as subsidies from a casino adjacent to its Aqueduct Racetrack in Queens.

The bill aims to direct 7 percent of the net revenue from the slot machines at Resorts World Casino to NYRA but cap the allotment at US$46 million, with any amount over the cap going to the state’s lottery fund.

The adjustment is by no means insignificant as in its latest financial documents, NYRA listed receiving US$58 million from its share of the subsidies in fiscal year 2015, with US$33.2 million of that total restricted to capital expenditures under state law.

On the other hand, a separate section of the bill appears to allocate an additional US$16 million annually from the state’s general fund to NYRA for use exclusively on capital projects at NYRA’s Saratoga Race Course, the prized upstate racetrack that is the oldest track still in operation in the United States.

It is still unclear if Cuomo’s legislation will garner support in the Assembly and Senate. Sponsors of the NYRA bills in the Assembly and Senate have said they intend to press forward with their versions, but a compromise piece of legislation could result from the introduction of Cuomo’s bill. The legislature is scheduled to adjourn June 16. According to legislative officials, if a bill is not passed this year, the NYRA will remain under state control for another year.