It was recently announced that the New York Racing Association has been reprivatized.

According to an article by the Queens Chronicle, reprivatization of NYRA came as part of the New York State budget that was signed by Governor Cuomo on Monday, April 10.

“We thank the governor and legislature for their support in returning the New York Racing Association to private control. NYRA is the cornerstone of an industry responsible for more than 17,000 jobs and $2 billion in annual economic impact across our state," said Chris Kay, CEO of NYRA. "As a private entity, we look forward to continue to grow interest in our racing, expand our fan base, and promote New York’s important tourism and agriculture sectors.”

The deal has been lauded by many others in the industry as well.

“New York racing is second to none, and reprivatization will allow NYRA to move forward and optimize what is an invaluable asset to our state,” New York Thoroughbred Horsemen’s Association President Rick Violette Jr. said in a statement. “We thank the Governor and our representatives for the confidence and commitment they have shown in embracing initiatives so important to our industry.”

“Thanks to Governor Cuomo’s ongoing commitment to preserving this diverse agricultural industry that touches every county of New York State, the most prestigious racing in the United States will continue for decades at NYRA,” Jeff Cannizzo, executive director of NYTB, said in a statement.

(With files from the Queens Chronicle)