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NYRA says it has 2nd consecutive operating profit of $4 million, 1st back to back in 15 years. 'We are fulfilling Governor Cuomo's vision of a reformed, revitalized and financially sustainable thoroughbred racing leader.'
NYSNYS News
Text of press release.

FOR IMMEDIATE RELEASE
Wednesday, December 9, 2015

Contact:John Durso, Jr.
jdurso@nyrainc.com
(718) 659-2244

Reforms and results: NYRA achieves second consecutive operating profit
First back-to-back operational profit in 15 years.

NEW YORK, N.Y. - For the first time in 15 years, the New York Racing Association (NYRA) reported today that that it will conclude 2015 with a second consecutive operational profit. The announcement was made at this afternoon's Board of Directors meeting in New York City, which was open to the public and streamed live on NYRA.com

An operating profit of $4 million is expected to be achieved exclusive of statutorily-guaranteed VLT revenue, which NYRA received starting in 2010, following transfer of its real estate holdings to the State of New York. The 2015 operating profit of $4 million exceeds the original budget of $2.2 million, as originally projected within the 2015 NYRA budget.

Additionally and following last year's operating profit of $1,676,723, also achieved exclusive of VLT revenue, the 2015 expected operating surplus of $4 million 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," stated Christopher Kay, Chief Executive Officer and President. "Working together with our Board and numerous stakeholders, we are fulfilling Governor Cuomo's vision of a reformed, revitalized and financially sustainable thoroughbred racing leader."

During the meeting, the Board voted to approve the 2016 NYRA budget which 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 approved under the 2016 budget include:

Aqueduct:
New exterior signage on Rockaway Turnpike and North Conduit Avenue.
Upgrades to existing barns and dormitories.
Installation of new track cushion and rail posts to further enhance the safety of equine athletes and their jockeys.
Continued security upgrades to the facility and backstretch.
Belmont:
Construction of two new dormitories within the backstretch.
Upgrades to existing barns and dormitories.
Widening and resurfacing of the training track.
Replacement of the track cushion on the main track.
Installation of irrigation pump controls on the turf courses.
Installation of new video boards within the picnic areas.
Upgrades to the public announcement system.
Installation of a new, permanent trackside tent adjacent to the Clubhouse.
Installation of a new bar area within the backyard.
Continued security upgrades to the facility and backstretch.
Continued ADA upgrades within the Clubhouse and Grandstand areas.
Saratoga:
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.
Continued restroom and ADA upgrades throughout the property.

During the meeting, 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. For the current year through today, the rate of racing-related catastrophic injury continues to remains at a level well below the national average.

"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," continued 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."

Prior to the conclusion of the meeting presentation, the Board recognized the contributions of Senior Vice President of Pari-Mutuel operations, Patrick Mahony. The most experienced, longest-serving pari-mutuel executive in the thoroughbred industry, Mr. Mahony will be retiring from NYRA in January. His retirement concludes 50 years of dedicated service to horseplayers across the nation.

The next meeting of the Reorganization Board of Directors is scheduled for February 24, 2016.

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