Matt Hegarty reports:
Estimates for the revenue from the slot machines vary, but if each machine generates $300 in revenue a day - a conservative estimate for a casino in one of the country's largest metropolitan areas - total annual revenue would be $500 million. Many casino analysts predict that each machine will generate $500 a day.
Under the low estimate, horsemen and breeders will receive $45 million a year in subsidies when their percentages max out in the third year - approximately $175,000 in additional purse money and breeder awards for each racing day. NYRA will receive about $35 million a year for capital improvements and operations. [DRF]
Whew, $500 a day seems rather ambitious, you think? How much more likely are people in the city to go to Ozone Park than they are to Yonkers? I still think that Belmont is in a better location to be successful being within easy driving distance of the affluent Long Island suburbs.
- James Odato reports in the Times Union that NYRA is technically operating on a third temporary extension until March 7, at which time they will officially hand the deeds to the properties over to the state, perhaps in a lavish ceremony that will be covered live by TVG. In fact, the law states:
The franchised corporation shall not commence operation until by-laws and a corporate governance code of conduct are adopted by its board of directors. Such by-laws and code shall ensure the franchised corporation is operated in an efficient and transparent manner, with the highest degree of integrity and is fully accountable to the people of the state of New York.Odato also writes that, in addition to the $105 million relief package, the agreement will relieve [NYRA] of about $120 million in unpaid state loans, about a third of the $364 million in debts it owes creditors. So that widely reported $105 million is really less than half of the monetary value of the b-b-b-bailout.
- Of the 11 board members that will not be appointed by NYRA, which gets 14, two each will be appointed by the Senate and Assembly, and seven by the Governor. Out of those seven, one each is to be selected upon recommendations by the breeders, the NYTHA, and the AFL-CIO (?), and the other "shall be a current or former officer or director of a New York State off-track betting corporation."