Yonkers: End of an era as sale to MGM nearing completion

Saturday’s $1,000,000 Yonkers International Trot will be a celebration of everything that is great about Yonkers Raceway while at the same time marking the end of an era. When the horses cross the wire in the 1-1/4 mile event it will conclude the final stakes race at the historic oval under the longtime ownership of the Rooney family and management of current Vice President and COO Bob Galterio.

Tim J. Rooney has presided over Yonkers Raceway as President since 1972 and Galterio is quickly approaching the completion of a 40-year run with the track that began with him as a staffer, then assistant general manager, general manager and finally VP and COO.

“It’s a little bittersweet,” said Galterio about leaving. “My kids and my wife are more upset about it than I am, quite frankly. It’s been part of their lives all growing up. It will be different, but change is happening all over.”

Rooney and Galterio, along with Tim’s son (Tim Rooney, Jr.), are exiting as part of a sale to MGM that consummated back in May of this year. While the agreement was made months ago, the closing is not expected to occur until January. That is when the trio will walk away from the track, but the remainder of the staff will stay in place for at least a year as MGM evaluates its needs for personnel, not just at Yonkers but also at the recently purchased Northfield Park.

“We are going through an integration process where the team from MGM are going through and meeting with our team, getting the lay of the land,” said Galterio. “We are going to start having calls weekly. They were out here last Thursday (Oct. 4) and they are coming back this Thursday and on the 15th. It’s moving along. It’s funny because there was sort of radio silence for a couple of months there. Every time they come they bring like 10 people.”

Of course, MGM purchased Empire City Casino at Yonkers Raceway with the goal of getting more than just the current 5,300 slot machines that occupy the establishment. With the current laws in New York, racing is mandatory in order for the operation to continue while they wait for the potential expansion.

“MGM’s goal is to get a commercial casino license and they’ll be eligible in four years,” said Galterio. “In order to do that you have to continue racing here unless we can find with the horsemen somewhere else to race and work that out. Forgetting about that, you have to continue racing. We’ve shown them a master plan that keeps racing where it is right now and I think it is a great opportunity for everybody. MGM comes with tremendous resources. MGM has 50,000 employees and they now have two racetracks, so racing is going to become a little part of their business, but a part.

“I’m not sure they are going to do it like we are doing it, but they might do it better. They may tear down the paddock and build a new one or fix up the race office. We think it is great for Yonkers, Empire City, the City of Yonkers and the state of New York to have MGM make that kind of investment.”

While Galterio seems ready for retirement, he admits that the 81-year-old Rooney was reluctant to sell the track after 46 years in the family. Ultimately, the ability to provide his children, grandchildren and entire family with an even bigger nest egg for the future so they can pursue varied interests was the only reason Rooney is walking away from the track.

“He said if it wasn’t for that (family) he would never sell. He’d keep it until he was at the racetrack in the sky,” said Galterio.