Probe of NYRA execs may be launched - NYRA may lose slots subsidies

[FenceBored]

Originally Posted by Dahoss9698

How beautiful. In your honor, instead of following the sport and betting this weekend, I'm going to write songs and post threads no one but cat lady's care about.

I feel so internet clever already.

And in your honor, I'll refrain from showering and wander around the grandstand cursing at children.

[jelly]

Originally Posted by Dahoss9698

For those following along at home, let's look at the events of this week.

Sabini and Megna send a letter to NYRA condemning the announcement of Hayward and Keogh's replacements. They also inform NYRA that their revenue from the slots is going to be withheld.

http://www.racing.state.ny.us/pdf/05...5150703168.pdf

However, according to NYRA's response, they were instructed to name a replacement on May 1st by Sabini.

http://www.nyra.com/belmont/stories/May162012b.shtml

On May 1, 2012 Racing and Wagering Board Chairman John Sabini sent a letter to the NYRA Board of Directors, which stated “…it is imperative that you provide an interim operational plan to the Board, especially who will be performing functions as Chief Executive Officer and Counsel.” This letter contained no indication of any concerns or limitations with respect to these appointments. The NYRA Board acted to name a President and Secretary without any knowledge of any concerns by either the Franchise Oversight Board or the Racing and Wagering Board.



So two weeks after instructing NYRA to name replacements, they criticize them for it. If something as simple as naming replacements is this difficult, how do you guys think it was when NYRA asked for a takeout reduction?

Anyone still questioning what the real motives for Cuomo are here?

When did NYRA ask for a a takeout reduction?

[jelly]

Originally Posted by cj

Already answered before I saw this. New York has shown at least some willingness to lower takeout over the years. They are also the industry leader, so maybe it would have worked. I think the purses would be so large they would almost have to draw bigger fields. Do I know it for a fact? Of course not. I was willing to wait for at least a year to see.

When did NYRA ask for a a takeout reduction?

[cj]

Originally Posted by jelly

When did NYRA ask for a a takeout reduction?

You can use Google as well as I can.

[MadWorld]

Originally Posted by jelly

When did NYRA ask for a a takeout reduction?

http://www.bloodhorse.com/horse-raci...n-takeout-rate

There has been a long history of the state not wanting to reduce takeout while Hayward wanted to.

Take a look at the actual email from hayward to crist and read it first from the perspective that hayward prefers higher takeout and then from the perspective that he prefers lower takeout but doesn't think the state would approve and tell me in which version his response makes more sense.

[foregoforever]

Originally Posted by FenceBored

Bob Ehalt shows how it's done, simultaneously questioning the wisdom of the McClain appointment while giving Sabini and Megna a look like they've lost their minds.
-- http://espn.go.com/blog/new-york/hor...s-back-in-town
[/indent]

Thanks for posting the link. I agree, he strikes a very good balance on the issues. NYRA's appointment of McClain was ill-advised, under the circumstances. And your point about interim in Sabini's letter was right on as well. You're on a roll.

While I share everyone's distrust of Cuomo, the RWB, etc., NYRA isn't helping matters much. They need to come clean on the takeout issue. The "complexity of the racing law" and "it was an oversight" excuses just don't cut it. If they're trying to protect Hayward or others from possible legal action, they need to consider whether that's worth risking the franchise. As usual in these sorts of things, the coverup becomes more damaging than the crime.

[Tom]

Unlike NYS, where EVERYONE in office has on goal - the steal as much money as possible from as many people as possible, NYRA is a business with goals and objectives and day-to-day operations to manage in a professional manner (again, something NYS would never understand). They needed to have people in these positions. Whether they were permanent of interim appointments
(there is no such thing as a permanent appointment anyways) is none of the State's business. It is NYRA's call.

On anther note, why wouldn't the state have gotten it's 15% of the 1%? NYRA changed nothing, so the state's cut should have been routine.

I want to know when Baby Mario is going to give it back.
He is NOT entitled to it, by his own un-trustworthy word.

Until he does, he is a thief and should be fired. Same as Hayward.

[FenceBored]

Originally Posted by MadWorld

http://www.bloodhorse.com/horse-raci...n-takeout-rate

There has been a long history of the state not wanting to reduce takeout while Hayward wanted to.

Take a look at the actual email from hayward to crist and read it first from the perspective that hayward prefers higher takeout and then from the perspective that he prefers lower takeout but doesn't think the state would approve and tell me in which version his response makes more sense.

So, you're saying that they haven't really asked since Hayward agreed to the rate increase talked about in that article? In 2006, he traded higher takeout for a $20m loan and the ability to start NYRA Rewards. Seems like he had other priorities than keeping takeout low.

Flash forward to that email to Crist, Hayward puts preventing opposition to his new restaurant/bar project ahead of asking to reduce takeouts to their pre-Sept. 2008 levels. That's your idea of a man itching to ask for a takeout reduction?

[MadWorld]

Originally Posted by FenceBored

So, you're saying that they haven't really asked since Hayward agreed to the rate increase talked about in that article? In 2006, he traded higher takeout for a $20m loan and the ability to start NYRA Rewards. Seems like he had other priorities than keeping takeout low.

Flash forward to that email to Crist, Hayward puts preventing opposition to his new restaurant/bar project ahead of asking to reduce takeouts to their pre-Sept. 2008 levels. That's your idea of a man itching to ask for a takeout reduction?

Rebates are a reduction in takeout.

So we agree that it looks like he was saying in the letter that he would like to reduce takeouts but it would upset the board to ask and they might not be as likely to approve other bettor friendly options?

[Robert Goren]

Originally Posted by cj

You can use Google as well as I can.

I googled "NYRA asks for a takeout reduction" There was nothing in the first 10 pages except about a reduction to make up for the overcharges. Perhaps you can use google better than me. In fact, that is highly likely. Did anybody find a link to a time when NYRA asked for a takeout reduction? If so, please post it and how did you get. Thanks.

[Canarsie]

Originally Posted by usedtolovetvg

They're all snakes. Hayward just managed to feign sincerity better than the rest. He did a good job bamboozling a lot of people. That's what the good ones do. Talk is cheap.

Let me ask you a question if I may. When you worked at TVG did your employers try to use almost the same tactics? Did you ever speak up? Or were you just the silent type who wanted to keep his job?

This isn't a knock on you personally but one has to wonder with all the stuff that has gone down at TVG did you ever speak passionately about the same issues?

What's good for the goose is good for the gander.

[cj]

Originally Posted by Robert Goren

I googled "NYRA asks for a takeout reduction" There was nothing in the first 10 pages except about a reduction to make up for the overcharges. Perhaps you can use google better than me. In fact, that is highly likely. Did anybody find a link to a time when NYRA asked for a takeout reduction? If so, please post it and how did you get. Thanks.

I don't need to use Google, I know the history.

At the very least you realize the cut from 26 to 24 as compensation for the initial error was set as the permanent rate, right? This wasn't required.

[usedtolovetvg]

Originally Posted by Canarsie

Let me ask you a question if I may. When you worked at TVG did your employers try to use almost the same tactics? Did you ever speak up? Or were you just the silent type who wanted to keep his job?

This isn't a knock on you personally but one has to wonder with all the stuff that has gone down at TVG did you ever speak passionately about the same issues?

What's good for the goose is good for the gander.

That's how I lost my job.

[cj]

Charles Hayward:
First and foremost, while our takeout rates are high, they're far from the highest in the country. I agree that takeout on NYRA races is higher than it should be for the customer, as well as for the economic benefit of NYRA. The entire racing industry suffers from takeout rates that are too high, thus reducing the return to our customers, and reducing the return back into our pools. In the case of New York and NYRA, there is a morass of statutory legislation, particularly in regard to the OTBs, that is economically devastating to NYRA. I will give you just one example. If a Capital OTB customer during the Saratoga race meet bets $100 either at Capital OTB, over the internet, or on the phone sitting on a bench at Saratoga Race Course, NYRA's return on that $100 of wagering activity is one dollar and 25 cents. Once NYRA's finances are stabilized, my highest priority will be on takeout reduction for the racing customer and the financial well being of the entire industry.

Unfortunately, he never got the chance.

[cj]

Charles Hayward: “Yesterday, Gov. [David] Paterson signed into law a bill repealing a proposed takeout increase on wagers placed on out-of-state races. The New York Racing Association joins other industry stakeholders in applauding both the Governor’s and the legislature’s leadership on this issue. With this repeal, our elected officials have helped level the playing field for both the vital New York racing industry and the many thousand racing enthusiasts in the state.”

It looks to me like Hayward has had to constantly fight against increases in takeout before he was able to try for cuts. Too bad he wasn't in California I guess.