The New York Racing Association (NYRA)
concluded 2015 with a second consecutive
operational profit, officials said in December.
NYRA officials said an operating profit
of $4 million was achieved, exclusive of
statutorily-guaranteed VLT revenue, which
NYRA received starting in 2010, following
transfer of its real estate holdings to the state.
The operating profit of $4 million exceeds the
original budget of $2.2 million, as projected
within the 2015 NYRA budget.
The operating surplus reflects the first time
NYRA has achieved back-to-back operating
profits since the 1999 and 2000 fiscal years.
“This is an important milestone and a very
meaningful achievement,” said Christopher
Kay, NYRA chief executive officer and president.
“Working together with our board and
numerous stakeholders, we are fulfilling Gov.
Cuomo’s vision of a reformed, revitalized and
financially sustainable thoroughbred racing
leader.”
The NYRA board in December voted to
approve the 2016 NYRA budget which it said
continues the progress and success sustained
over the past three years under the leadership
of NYRA's Reorganization Board and executive
management team. The 2016 budget,
which relies on a continued conservative approach,
forecasts a third consecutive operating
profit exclusive of statutorily-guaranteed
VLT revenues.
Capital projects at Saratoga Race Course
approved under the 2016 budget include: upgrades to existing barns and dormitories;
upgrades to the irrigation systems within
the Mellon and Inner Turf courses; installation
of new roofs for the saddling shed, upper
carousel and grandstand areas; installation
of a new elevator and escalator within the
grandstand areas; continued design work
for the At the Rail pavilion; and continued
restroom and ADA upgrades throughout the
property.
The board received an update on NYRA's
success promoting equine safety at all three
of NYRA's championship tracks. Since 2013
and under the leadership of the Reorganization
Board and executive management team,
racing-related catastrophic injuries at NYRA's
three championship race tracks dropped below
the national average, officials said.
"All of us at the New York Racing Association
are committed to ensuring the utmost
in safety and accountability at all three of
our championship racetracks," said Kay. "In
that spirit and for the benefit of our riders,
our horses, the horsemen and women and
most importantly, for our fans, we will continue
implementation of the effective reforms
implemented over the past three years. These
measures are helping the New York Racing
Association maintain the highest standards
in the thoroughbred industry."