New York Racing Association about to pay off $25 million loan to Genting LLC
By Eric Wing | 04/04/2014 10:21 AM ET
The New York Racing Association, Inc. (NYRA) announced today that it will make its final payment tomorrow on a $25 million loan provided to NYRA by Genting LLC in 2011 as per an agreement between NYRA and New York State.
"This payment of the only loan on our books is another example of our commitment to run the New York Racing Association in a fiscally responsible manner," said Chris Kay, NYRA CEO and President.
In addition to paying off the loan, The New York Racing Association will have made total statutory payments to New York State during 2012-2014 of approximately $62 million, including $28 million in pari-mutuel taxes.
Resources committed to equine safety, including those dedicated to the implementation of the many recommendations of the New York Task Force on Racehorse Health and Safety, have produced marked results thus far in 2014. This year, the Aqueduct winter meet (January 1, 2014 through the conclusion of racing on the inner dirt track) has experienced a racing fatality rate of 1.2 per thousand starters. This compares to a rate of 2.0 per thousand starters during the 2013 Aqueduct winter meet and 4.2 per thousand during the 2012 winter meet.
"We take safety very seriously," said Kay. "These results are a reflection of a resolute commitment made by a great many men and women here at The New York Racing Association. We will continue to do everything in our power on behalf of our equine athletes and their riders."
About The New York Racing Association, Inc.
NYRA's mission is "Meeting the highest standards in thoroughbred racing and equine safety." Founded in 1955, and franchised to run thoroughbred racing at New York's three major tracks (Aqueduct Racetrack, Belmont Park, and Saratoga Race Course) through 2033, NYRA boasts a lineage that actually stretches back almost 150 years. NYRA tracks are the cornerstone of the state's thoroughbred business which contributes more than $2 billion annually to New York State's urban, suburban and rural economy. In 2013, nearly 1.7 million people attended the live races at NYRA tracks. Factoring in nationwide off-track wagering, the average daily betting handle on NYRA races totals more than $9 million.