New York State Thoroughbred Breeding & Development Fund Chairman John D. Sabini today stressed that New York’s thoroughbred breeding industry is sound and will not be impacted by the State’s withholding of operating and capital revenue for The New York Racing Association (NYRA)
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Additionally, Chairman Sabini reiterated that the world-renowned Saratoga meet this summer will take place as planned. The revenue for purses and breeders from Resorts World Casino New York City continues unabated. Currently, out of the facility’s “net win,” 6.5 per cent goes to purses while 1 per cent is dedicated to New York’s breeding industry. The actions by the State in regards to NYRA’s continued failure to act in the best interest of racing do not in any way impact these revenue streams.
The Division of Lottery has instructed Genting to begin withholding revenue that contributes to NYRA’s capital expenses and operating funds only. This totals 7 per cent of the “net win” at Resorts World Casino New York City.
“New York State has been and continues to be a welcome and prosperous home for the thoroughbred industry,” Chairman Sabini said. “The actions of New York State with regard to NYRA will have absolutely no impact on the state’s thoroughbred breeding program or the purses that are supplemented by Video Lottery Terminals at Aqueduct. Additionally, these actions will not prevent world-class racing from taking place at the Saratoga Race Course this summer.”
(New York State Thoroughbred Breeding & Development Fund)