UPDATE: Legislature passes NYRA loan bill, Saratoga season saved

ALBANY -- The Saratoga racing season will go on this summer.

The Assembly joined the Senate Monday night in passing an emergency spending bill which included a $25 million loan to the New York Racing Association.

“All of the scare tactics going on, well, they may have worked,” Assembly Majority Leader Ron Canestrari (D-Cohoes) said following the vote.

The loan would have to be repaid by March 31 or once a state-vendor agreement to run the Aqueduct video lottery terminals is set.

Late last week, NYRA warned it would lay off workers and end racing at its three tracks as early as June 9 if funding were not in place.

Statement from NYRA Chairman C. Steven Duncker:

"The Board of Directors of the New York Racing Association, Inc. (NYRA) along with its management and dedicated employees are grateful for the State legislature’s approval last evening of a $25 million loan which guarantees world class thoroughbred racing at Belmont Park, Saratoga Race Course and Aqueduct Racetrack.

"We appreciate the dedication and perseverance of Governor David Paterson, Assembly Speaker Sheldon Silver, Senate Conference Leader John Sampson, Senate racing committee Chairman Eric Adams, and Assembly racing and wagering committee Chairman Gary Pretlow, and their respective staff members, which resulted in this legislation.

"We also express our profound gratitude to the New York Thoroughbred Horsemen’s Association, the New York Thoroughbred Breeders, our horse owners, and all of the community leaders surrounding our respective tracks for their unwavering assistance and support.

"We await the State’s August recommendation of the firm to develop and operate the Aqueduct VLT facility so that the revenues fundamental to our 2008 Franchise Agreement with the State can commence and NYRA can continue its leadership role in the North American thoroughbred industry."

Statement from Congressman Scott Murphy:

“Racing is the center of our region’s economy, and this money will allow our economic future to remain strong. This announcement means that the State will honor its commitment and save the thousands of jobs directly connected to the industry, as well as the millions of dollars in revenue generated across the region.  Governor Paterson and the New York State Government finally agreed to a short-term solution, and now they must continue to work to secure a VLT operator to ensure long-term stability.”

ALBANY -- The emergency funding bill which included a plan to loan the New York Racing Association $25 million to maintain racing operations in the state has passed a vote in the Senate. The bill's fate still rests in the hands of the Assembly.

“This is only the first step,” Sen. Roy McDonald said in a release. “We need to work on a long-term plan that will bring the technical, financial and legal aspects of the racing industry into the 21st century; while preserving the heritage, history, and elegance that brings so many people to Saratoga each summer to enjoy the best racing in the country.”