$25M NYRA loan meant to preserve thoroughbred racing seasons at Belmont, Saratoga, Aqueduct

Paterson submits bill to loan NYRA $25 million

ALBANY, N.Y. — New York state is expected to loan the New York Racing Association $25 million to preserve thoroughbred racing seasons at Belmont, Saratoga and Aqueduct.

The NYRA loan is included in a measure from Gov. David Paterson to extend basic state 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 NYRA last week notified more than 1,400 workers the cash-strapped racing operator might have to close tracks after the Belmont Stakes.

Assembly Speaker Sheldon Silver says he’s supportive of the loan.

Senate Democratic spokesman Austin Shafran says that chamber expects the appropriation bill to pass.