NYRA to rearrange its board

The New York Racing Association would choose 8 members of its board.
The New York Racing Association would choose 8 members of its board.

The proposal was introduced whilst representatives of the industry insisted on reprivatising the centre.

US.- New York Governor Andrew Cuomo summited yesterday an amendment to rearrange the management structure of the New York Racing Association (NYRA), operator of Saratoga Race Course in Saratoga Springs, Aqueduct racetrack in Queens and Belmont Park on Long Island. The project was included at the State’s official 2017 budget.

Later that day, representatives of the horse racing industry had urged the governor to re-privatise the gaming centre, through a statement published by New York Senate Racing, Gaming, and Wagering Committee. The new regulation would enable the NYRA to choose eight members of its own board to a three-year term, which would consist of 15 seats.

The association’s chief executive would select one of the members, whilst the governor would name the rest, including the first chairman of the reconstituted board. Under the new proposal, the New York Racing Association would have the majority of control of its activities. NYRA CEO Chris Kay considers that the official decision was “the result of productive dialogue with the governor’s office for the last several months.” And he added: “We look forward to working with the legislature and all stakeholders in efforts to pass the executive’s proposal.”

“The reality is that key long-term decisions on important issues and critical multi-million investments are being delayed until the New York Racing Association is re-privatized as a private non-profit. It is doing real harm,” commented a renowned representative of the industry, Joe McMahon, owner of McMahon Thoroughbreds Of Saratoga. The NYRA’s Saratoga Race Course is one of the most relevant businesses in Saratoga Springs, as it gathers important amount of revenues destined to the tourism industry.