04/04/2014 12:50PM

NYRA to make final loan payment to Genting


The New York Racing Association was scheduled on Saturday to make its final payment of a $25 million loan to Genting, the company that operates Resorts World Casino, adjacent to Aqueduct.

The $25 million loan was made on Oct. 22, 2010 by Genting to NYRA as part of an agreement between those parties and the state of New York. The loan was made to help NYRA continue operations until it began to receive statutory payments from the casino. Resorts World opened on Oct. 28, 2011.

“This payment of the only loan on our books is another example of our commitment to run the New York Racing Association in a fiscally responsible manner,” Chris Kay, NYRA CEO and president, said in a press release.

In addition to paying off the loan, NYRA will have made total statutory payments to New York State during 2012-2014 of approximately $62 million, including $28 million in pari-mutuel taxes.

In its release trumpeting the payment of the loan, NYRA also said that monies it has dedicated to equine safety have resulted in significant positive results this year. From Jan. 1 through March 24, Aqueduct experienced a racing fatality rate of 1.2 per thousand starters. This compares to a rate of 2.0 per thousand starters during the 2013 Aqueduct winter meet and 4.2 per thousand during the 2012 winter meet.

There were four racing fatalities over the inner track in the calendar year 2014, but there were three additional fatalities over the inner track in December, bringing the total to seven, two less than the 2012-2013 inner track meet.

“We take safety very seriously,” said Kay. “These results are a reflection of a resolute commitment made by a great many men and women here at The New York Racing Association. We will continue to do everything in our power on behalf of our equine athletes and their riders.”