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NYRA To Stay Afloat Rest Of Year

Published: May 25, 2010 12:25 pm ET

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New York Governor David Paterson, with the help of his legislature, yesterday joined forces to work out arrangements for a $25 million loan to keep the New York Racing Association running the rest of the year.

When labour unions representing workers at New York City OTB threatened to disrupt the rescue, complaining NYRA was getting help but they weren’t, a quick Plan Two was put in effect, adding the relief measure as a budget extension rather than a standalone bill.

NYRA, or whoever gets to run the Aqueduct casino, will pay the $25 million back from the 4,500 slots that will be operating at Aqueduct sometime, under someone, and then be repaid by NYRA or a redirection of NYRA’s share of the slots revenue. The vendor, still unknown after nine years, will get $250 million from bond sales to help build the racino, less the $25 million payback from its slots. That really represents upfront money, because there is a deadline of March 31, 2011.

The Empire State Development Corporation, meanwhile, would take enabling action to repay the loan within 30 days after the state officially signs a deal with the successful vendor.

(With files from Harness Tracks of America)

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