Racing purses, breeders won't be hurt by state's decision on NYRA
The New York Racing Association's bottom line will take a hit with the state's decision Tuesday to shut off the spigot of video lottery terminal revenue, but horse breeders and racing purses relying on the money will not be impacted.
In a letter released by state officials on Tuesday, which condemned NYRA for appointments its Board made on Monday, it was announced that the revenue from VLTs at Aqueduct that NYRA uses for its operating budget and capital expenditures would be diverted into a state run account.
The VLT money that NYRA was using to raises racing purses this year and to make payments to horse breeders will not be affected by this diversion, according to the New York State Racing and Wagering Board.
The continued payments to breeders and racing purses, which were increased this year because of the VLT revenue to attract more entries and bettors, is part of the state's plan to ensure racing continues without any hiccups.
As evidence of this plan working, the racing board noted that there aren't any disruptions expected for the Saratoga meet, which begins in two months.
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