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NYRA files for bankruptcy

ALBANY, New York – As reported by the Times-Union: "The New York Racing Association filed for protection from creditors Thursday, blaming the Pataki administration for its collapse toward bankruptcy.

"Besides running one of the world's most famous tracks in Saratoga Springs, NYRA is a major employer in the region, handing out paychecks to 3,000 workers during the Saratoga season.

"NYRA's bankruptcy filing comes as it attempts to extend its franchise to run horse races at Aqueduct, Belmont and Saratoga thoroughbred tracks, and the move could disrupt a bidding process.

"NYRA listed more than 130 creditors and debts and assets both at $153 million, although the documents point to deeper liabilities. NYRA noted it owns the three tracks and the properties they could be sold for more than $1 billion…"

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