07/31/2002 11:00PM

NYRA's 2001 losses; 11 million


The New York Racing Association lost $11.3 million in 2001, the biggest net loss in its history, according to a report in The Schenectady Daily Gazette.

NYRA, a quasi-state agency, had expenses of $171.9 million in 2001 and revenues of $160.6 million, according to the report, on handle of $3.5 billion. Expenses were up from $153.7 million in 2000, while revenue was up from $155.3 million in 2000.

Under New York law, the first $2 million in NYRA profits must go to purses. Any other profit is used to pay down NYRA's debt to the Capital Investment Fund, a state agency that provides NYRA with financing for capital improvements. NYRA has a debt of $64 million to the fund, the report said.

NYRA officials cited costs associated with hosting the Breeders' Cup and the association's unsuccessful bid for the New York City Off-Track Betting Corporation for the dramatic increase in expenses. NYRA officials also said that pension and retiree-benefit costs were also much higher in 2001, and that the tracks lost millions in revenues because of a shutdown after the Sept. 11 attacks.