Published:
July 12, 2010 02:36 pm EDT
New York State Comptroller Thomas DiNapoli has been quoted as saying that racetrack operator New York Racing Association Inc. will face insolvency without slot
machine revenue. “The fact is NYRA can’t make it long without significant restructuring and revenues from VLTs,” he said.
DiNapoli's quotes come via an article on bloomberg.com, which also states that NYRA has projected a loss of $19 million for 2010.
The article, citing an audit of the company, states that without the additional revenue, NYRA can’t repay $105 million it borrowed from the state to exit bankruptcy in 2008.
(With files from bloomberg.com)
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