NY lawmakers approve $25 million loan to NYRA
May 26, 2010ALBANY, N.Y. (AP) -The New York Racing Association will get $25 million from the state to continue the thoroughbred racing season at Belmont, Saratoga and Aqueduct.
NYRA notified more than 1,400 workers last week that the cash-strapped racing operator might have to close the tracks after the Belmont Stakes in June.
The NYRA loan is included in a measure to extend basic state government operations in the absence of an approved budget for this year. It would have to be repaid by March 31 or within 30 days of a state pact with a contractor to install video lottery terminals at Aqueduct.
The Senate and Assembly approved the bill late Monday and Gov. David Paterson signed it. Spokesman Morgan Hook says the money won't be sent out all at once and no races will need to be canceled.