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Race for NY Tracks Begins5 June 2006NEW YORK – As reported by the New York Times: "In a field without the Kentucky Derby-winning Barbaro or the Preakness champion, Bernardini, the 138th running of the Belmont Stakes on Saturday is anyone's to win. The same can be said about who will ultimately operate New York's three thoroughbred racetracks when the New York Racing Association's franchise expires next year. "This week, a nine-member committee appointed by Gov. George E. Pataki is expected to ask for bids on Belmont Park, Aqueduct and Saratoga Race Course. It is the starting point for what is expected to be a complicated and highly politicized grab for a troubled entity. "The prize is potentially huge: The three tracks handle more than $2.7 billion combined in horse-racing bets each year, and 4,500 video lottery terminals have been approved for Aqueduct, with a projected value of $650 million a year. "Legislators in Albany have said for several years that they are tired of scandals and mismanagement in NYRA , which has held the franchise since 1955 and is expected to try to keep it. Last December, the racing association received a $30 million bailout from the state. "…Lawmakers and bidders expect anywhere from six to eight proposals from some combination of racetrack operators, casino companies, private-equity firms and technology companies. The immediate point of curiosity is who partners with whom, but that will soon give way to each group's presumably bold plan to remake New York's racing and gambling landscape. "…Although the nation's two largest racetrack operators — Magna Entertainment and Churchill Downs — have expressed interest in the franchise, two New York-based groups have been the most active in positioning themselves as candidates: Empire Racing Associates and NYRA…" |