DiNapoli subpoenas NYRA records

With the revelation that NYRA may run out of funds before the Belmont Stakes can be held in June, New York State Comptroller Tom DiNapoli revelealed in a press release last week that he plans to audit the racing agency.

“Less than six months ago, NYRA said it was financially stable,” DiNapoli said in a release. “Now NYRA says without VLT money it may not be able to stay in operation until the Belmont Stakes. In the meantime, it’s been trying to hide its books from my auditors.”

In a report just before the new year, NYRA revealed that the third leg of horseracing’s “Triple Crown,” the Belmont Stakes, could be in jeopardy because of cash flow issues.

DiNapoli said the group has spent months avoiding audits from the state, a tactic the state comptroller calls “the same old NYRA in new sheep’s clothing, trying to shortchange taxpayers again.”

Ultimately, DiNapoli said, the truth would come to light with regard to NYRA’s finances, and he was using the recent subpoena to expedite that process.

“NYRA operates for the benefit of New York. Taxpayers have a right to know what’s going on, and we’re going to audit NYRA and find out.”

Over the last few months the New York Racing Association, the management company that runs the Belmont Racetrack and the Aqueduct in Queens, as well as tracks in Saratoga Springs, has been hit with tough news on all sides, especially with regard to the Belmont.

First, NYRA was forced by the State Racing and Wagering Board to restore a television signal it was withholding from Nassau OTB during a payment and distribution dispute.

Then, the MTA’s doomsday budget was enacted, eliminating service from New York City to Belmont Park, and forcing would-be patrons to take a shuttle service from Queens Village.

Now, NYRA says, its bottom line has taken a big hit. DiNapoli, among others, is not happy, and on Monday, Dec. 28, he subpoenaed financial records so that his auditors can take a look at just how bad the financial situation is at the agency.

DiNapoli said his agency will take special care to look at payments to the state from NYRA, as well as money still owed. He reminded the organization that while the state has been generous to the group — allowing it to keep a portion of video lottery terminal profits and preventing the agency from drowning in debt with hundreds of millions in loans — NYRA has not been generous in return, withholding more than $54 million in fees.