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Future Of New York Racing Clouded
Headline-hogging news from the US is that the "New York Racing Association is running out of money and may have to shut down in less than three weeks, the day after the Gr1 Belmont Stakes," according to bloodhorse.com. The threat is so dire "even Saratoga - the jewel of New York racing - could be threatened by the turmoil". NYRA president and CEO Charlie Hayward has intimated that the NYRA was without sufficient cash "to make it through the entire Belmont Park race meet". The ongoing delay - since 2001 - to appoint a gaming operator for the State's video lottery terminals has compounded the cash flow crisis, and "NYRA also is owed US$17 million by the bankrupt New York City Off-Track Betting Corporation, and no timetable has been set for payment". A not-for-profit organisation, NYRA has 1,100 employees.