Recently, there’s been a push among some state lawmakers to cut financial support for the industry and steer those funds to health care, human services or education. The statements indicate NYRA would be posting multi-million-dollar deficits annually without its supplemental funds. The Times Union obtained recent annual financial statements for the nonprofit corporation, which operates Saratoga as well as Aqueduct Racetrack and Belmont Park - the state’s premier thoroughbred tracks. But NYRA’s racing would be significantly diminished and race horse breeding would be “devastated,” the study concluded. A state-commissioned gaming market study released a year ago found that without subsidies, eight tracks would likely shutter, leaving just the three tracks operated by the New York Racing Association. Racetracks - including the state’s crown jewel, Saratoga - are dependent on the benefits. In return, the state takes a loss, regaining tax revenues at a fraction of what it distributes.Įconomists view this as a unique arrangement in the world of corporate and sports incentives. New York has provided horse racing numerous ongoing subsidies, including tax breaks, arguably favorable leases, debt forgiveness and redistribution of revenues from video lottery terminals (VLTs), commonly referred to as video slots. The payout is also more than eight times what state and local governments have given during the same period to IBM, the technology juggernaut headquartered in New York, according to Good Jobs First, a nonprofit that tracks corporate subsidies. That’s more than twice the money New York budgeted for the state Department of Agriculture in the same time period, and 13 times what it spent on veterans’ services. The newspaper also sifted through court records and reviewed data sets on testing, injuries, equine deaths, taxpayer subsidies, enforcement and more. The Times Union spent more than six months examining the horse racing industry in New York and beyond, conducting dozens of interviews with key stakeholders, from trainers, owners, scientists, investigators, track operators and lawmakers to advocates who believe the sport is cruel and should be shut down. Horse racing in New York has been propped up by more than $2.9 billion in state taxpayer dollars and government-directed benefits since 2008, a Times Union investigation has uncovered. That’s because, in New York, there is one key player bankrolling the sport at unprecedented levels: state government. While nearly every horse racing venue across the country shows visible signs of the sport’s overall financial decline, Saratoga appears to be running as smoothly as ever. At this track, there’s lots of money to be won - and lost. Out on the lawn, veteran enthusiasts beat a path between the tellers and their beach chairs, smacking programs and assessing their odds. In the white-and-red grandstands, women in wide-brimmed hats and men in suits cast bets and toss back cocktails. On summer days, thoroughbreds worth tens of thousands of dollars thunder around the track at Saratoga Race Course, competing for jackpot winnings and the triumph of victory. Skip Dickstein / Special to the Times Union The Saratoga Race Course and other tracks operated by the New York Racing Association have reaped many financial benefits from a special agreement with the state. A blazing sunrise lights the Saratoga Race Course Sunday, Aug.
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