UPDATE: State meets obligation to NYRA; Legislature OK's advance

[blackthroatedwind]

Jean Georges.

[pointman]

Originally Posted by blackthroatedwind

Jean Georges.

I might take him up on that. Did you leave early today in disgust after Ramon's ride in the 9th?

[blackthroatedwind]

Originally Posted by pointman

I might take him up on that. Did you leave early today in disgust after Ramon's ride in the 9th?

No, I was exhausted.

That was an odd ride. I wonder if she just took off on him. He doesn't ride like that.

[pointman]

Originally Posted by freddymo

Dinner is on me at John George if they have the VLT's opened by 1/1/12. OTB has 1500 jobs and a UNION they aren't closing ever. Why the heck would NYRA want those 1400 jobs, bloated benny packages, under funded pension liablity etc etc. they would be smart to stay FAR away from that toxic waste land.

Those issues pale in comparison to the money NYRA loses to NYCOTB each year. I am sure they would happlily eliminate the middleman and have the opportunity to consolidate OTB's, reduce the takeout on the wagers, reduce the locations, expand the online wagers, expand the wagering on other tracks, and essentially multiply what in effect would be on-track wagers.

Oh yeah, and actually get paid for the product that they put on in New York.

[freddymo]

Originally Posted by blackthroatedwind

Jean Georges.

Ever since you went to Longchamps your French has been wonderful. Make reservations for 1/2/2012

[pointman]

Originally Posted by freddymo

Ever since you went to Longchamps your French has been wonderful. Make reservations for 1/2/2012

I'm in!

[Kasept]

Paterson proposes $25M loan to NYRA
By Matt Hegarty

New York Gov. David Paterson has proposed legislation that would allow the New York Racing Association to borrow $25 million from a line of credit that is being offered to fund construction of a casino at the association's Aqueduct racetrack, according to the governor's office.

The proposal would shore up NYRA's financial position amid contentions by the association that it is in danger of running out of cash this summer. Last week, NYRA sent out notices to its 1,400 employees informing them that it was considering closing its tracks on June 9 due to the cash squeeze.

Paterson's proposal would allow NYRA to use $25 million of a $250 million loan that the state has already guaranteed to fund the construction of the Aqueduct casino "for services and expenses" at NYRA's three tracks, according to a memo prepared for the legislation by Paterson's office.

NYRA would be required to pay the loan back by March 31, 2011, or within 30 days of the state signing an agreement with the operator of the casino. If the loan is not repaid by March 31, the memo says, then the state's lottery would be required to pay the money back to the state using proceeds that NYRA has been promised from the casino's operating revenues. NYRA and its horsemen will receive approximately 13 percent of the casino's net revenues once it is up and running.

According to the memo, the loan would be advanced to NYRA once the legislation is passed.

[Cannon Shell]

Originally Posted by freddymo

Ever since you went to Longchamps your French has been wonderful. Make reservations for 1/2/2012

I'll have the Blanquette de veau

[Kasept]

Legislature approves advance..

Now they can turn their attention to the $17 million (to NYRA) and $3 million (to NY breeders) that the NYC OTB scum are holding hostage.

[Princess Doreen]

http://www.bloodhorse.com/horse-raci...m_medium=email

[Kasept]

Finalized this morning...


State lawmakers approve NYRA loan
By Matt Hegarty

The New York legislature approved a $25 million loan to the New York Racing Association as part of an emergency budget appropriation late on Tuesday, according to Morgan Hook, a spokesman for Gov. David Paterson.

[pointman]

Originally Posted by Kasept

Finalized this morning...


State lawmakers approve NYRA loan
By Matt Hegarty

The New York legislature approved a $25 million loan to the New York Racing Association as part of an emergency budget appropriation late on Tuesday, according to Morgan Hook, a spokesman for Gov. David Paterson.

Of course, it is not a shock that this got done, though a bit shocking that the legislature didn't wait until the day before the Belmont Stakes. I can't believe I am saying this, but now that Patterson is a lame duck he is actually starting to become somewhat effective as he no longer needs his corrupt Democrat former pals and is beginning to push for the right things, for one example, lowering the budget via spending cuts.

It seems to me that now would be a pretty good time for NYRA to push to merge NYCOTB into NYRA's operations as they may actually get Patterson to push to do the right thing here. If the media jumps on board and exposes the bloated patronage machine that NYCOTB is, combined with the fact that Frucher has burned his bridges in Albany, it would seem like it is possible it could get done.

[philcski]

Originally Posted by pointman

Of course, it is not a shock that this got done, though a bit shocking that the legislature didn't wait until the day before the Belmont Stakes. I can't believe I am saying this, but now that Patterson is a lame duck he is actually starting to become somewhat effective as he is no longer needs his corrupt Democrat former pals and is beginning to push for the right things, for one example, spending cuts.

It seems to me that now would be a pretty good time for NYRA to push to merge NYCOTB into NYRA's operations as they may actually get Patterson to push to do the right thing here. If the media jumps on board and exposes the bloated patronage machine that NYCOTB is, combined with the fact that Frucher has burned his bridges in Albany, it would seem like it is possible it could get done.

Agree with this.

Might as well merge the entire OTB network into NYRA, or alternatively give Western OTB to Finger Lakes and the rest to NYRA.

[parsixfarms]

Originally Posted by pointman

Of course, it is not a shock that this got done, though a bit shocking that the legislature didn't wait until the day before the Belmont Stakes. I can't believe I am saying this, but now that Patterson is a lame duck he is actually starting to become somewhat effective as he no longer needs his corrupt Democrat former pals and is beginning to push for the right things, for one example, lowering the budget via spending cuts.

It seems to me that now would be a pretty good time for NYRA to push to merge NYCOTB into NYRA's operations as they may actually get Patterson to push to do the right thing here. If the media jumps on board and exposes the bloated patronage machine that NYCOTB is, combined with the fact that Frucher has burned his bridges in Albany, it would seem like it is possible it could get done.

I wouldn't get too much hope on NYCOTB going away in this legislative session, due to union influence. The NYRA loan should have been an easy lift, but they had to put this in the emergency extender instead of doing it as a stand-alone bill as a result of union influence with Senate Democrats: http://www.timesunion.com/AspStories...storyID=934349

[Kasept]

Originally Posted by parsixfarms

I wouldn't get too much hope on NYCOTB going away in this legislative session, due to union influence. The NYRA loan should have been an easy lift, but they had to put this in the emergency extender instead of doing it as a stand-alone bill as a result of union influence with Senate Democrats: http://www.timesunion.com/AspStories...storyID=934349

Certainly right regarding the union which has been the obstacle at every turn in any of the NYC OTB negotiations... So, let the union keep the bricks and mortar location jobs... but turn the internet and phone wagering over to NYRA Rewards to run. This came within inches of happening several weeks ago.

Originally Posted by philcski

Might as well merge the entire OTB network into NYRA, or alternatively give Western OTB to Finger Lakes and the rest to NYRA.

As to the consolidation of the other regional OTB corporations, the Task Force on the Future of OTB report addressed that quite coherently. Of course the report and its' suggestions, which weren't all ideal but had a lot of merit, is already gathering dust in Albany.

[parsixfarms]

Originally Posted by Kasept

Certainly right regarding the union which has been the obstacle at every turn in any of the NYC OTB negotiations... So, let the union keep the bricks and mortar location jobs... but turn the internet and phone wagering over to NYRA Rewards to run. This came within inches of happening several weeks ago.


As to the consolidation of the other regional OTB corporations, the Task Force on the Future of OTB report addressed that quite coherently. Of course the report and its' suggestions, which weren't all ideal but had a lot of merit, is already gathering dust in Albany.

I'd be all for turning the internet and phone wagering over to NYRA, but based on some conversations with Capital OTB officials, I suspect that the other OTBs would balk, as I think they'd hope to get some of the NYCOTB business and wouldn't let NYRA have it to themselves.

[pointman]

Originally Posted by parsixfarms

I wouldn't get too much hope on NYCOTB going away in this legislative session, due to union influence. The NYRA loan should have been an easy lift, but they had to put this in the emergency extender instead of doing it as a stand-alone bill as a result of union influence with Senate Democrats: http://www.timesunion.com/AspStories...storyID=934349

I do know that you are right about the union issue which is a huge problem on the OTB end. In fact, unions are a huge problem that NY, and virtually any state government around the country for that matter, has in the fight to balance budgets and reduce spending in this economy.

That being said, with the mess that Frucher has created NYCOTB will probably never be more ripe for the opportunity to merge into the racetracks. Considering that the other regional OTB's are also crying they are paying too much to the tracks, it would be nice to see this BS backfire and for the legislature to eliminate all of them, cut out the middleman, apportion the business amongst the state's tracks and reduce the takeout as well on off track wagers (which likely would even lead to more handle and more profit to the tracks).

I can't see why NYRA and the other tracks could not assume the union contracts and then be subject to negotiating them when they expire which would then have no affect on the unions with regard to a merger, effectively neutralizing them. More of an obstacle in my lay opinion (and I only am a layperson making suggestions based upon common sense) is the patronage issue, even if the unions are so far up the Democrats azzes with their contributions such that the legislators bow to their unreasonable wishes.

If the media really exposed the patronage problem it could force the legislators to eliminate it while having the benefit of giving the tracks the ability to sustain themselves and stop or severely reduce the drain the industry would put on the State. While this makes too much sense, such things are only fantasies when they would severely hurt contributions to corrupt politicians. Since Patterson has nothing to lose, he might relish in eliminating the patronage to those who turned on him, but I realize that I am dreaming.

[Alan07]

http://thoroughbredtimes.com/nationa...n-Frucher.aspx

[philcski]

Originally Posted by Kasept

Certainly right regarding the union which has been the obstacle at every turn in any of the NYC OTB negotiations... So, let the union keep the bricks and mortar location jobs... but turn the internet and phone wagering over to NYRA Rewards to run. This came within inches of happening several weeks ago.



As to the consolidation of the other regional OTB corporations, the Task Force on the Future of OTB report addressed that quite coherently. Of course the report and its' suggestions, which weren't all ideal but had a lot of merit, is already gathering dust in Albany.

http://www.otbfuture.com/

Reports if anybody is interested in reading it (VERY dry and boring, of course, but some salient points made)