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NYRA Posts Largest Loss in History

"…In a story in its Aug. 1 editions, the [New York] Daily Gazette reported that NYRA's expenses grew from $153.7 million in 2000 to $171.9 in 2001. Meanwhile, the association's revenue increased from $155.3 million to $160.6 million. NYRA's total handle for 2001 was $3.5 billion.

"…NYRA officials said Wednesday that the combination of legislation enacted last year to lower takeout has spurred a surge in handle and budget cuts may put the association back in the black. They said that spending is at 1995 levels. Business was strong during the first half of the year.

"…`Our gross revenue -- we're up $3.4 million,' said John Giombarrese, NYRA's treasurer/controller. "We're $129.5 million versus $126.1 million in 2001.'

"…NYRA officials said legal fees, higher costs for pensions and other retiree benefits, depreciation and expenses related to hosting the World Thoroughbred Championship Breeders' Cup in October. And Belmont Park was closed for five racing days following the Sept. 11 terrorist attacks, an interruption of business that Giombarrese estimated cost NYRA approximately $2.2 million of profit.

"Giombarrese said the association spent approximately $3.2 million on legal fees in 2001. The majority was spent, he said, on NYRA's unsuccessful attempt to purchase the New York City Off -Track Betting Corporation, which was put up for sale by the administration of former Mayor Rudolph Giuliani…"

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