NEW YORK CITY OTB REFUSAL TO MAKE STATUTORY PAYMENTS FUELS 12% PURSE CUT
Contact: Steve Martin
Sr. Director of Marketing/Gaming
585-924-3232 x235
NEWS RELEASE
FARMINGTON, N.Y. – Continued refusal by New York City OTB (NYCOTB) to make mandated statutory payments to Finger Lakes Gaming & Racetrack (FLGR) over the past three months totaling over $1 million has forced an across the board 12% cut of racing purses effective immediately. Additionally, four stake races have been slashed from the schedule.
"The unconscionable act of NYCOTB to refuse to pay its bankruptcy post-petition legislated payments has left a huge hole in our purse account going forward," said president and general manager Chris Riegle. "Given the current uncooperative attitude of NYCOTB, and with no apparent resolution on the horizon, we have no choice but to make drastic adjustments to the purse structure that in the end will negatively impact the industry and the tens of thousands of New York residents that depend on it for their livelihood."
When NYCOTB filed for Chapter 9 bankruptcy protection in December 2009, FLGR was due in excess of $2.3 million from payments that had been in arrears since June 2009. Prudent management of purse account funds and surpluses allowed FLGR to maintain its purse structure last year and the early part of this year without any cutbacks. However, with a past due amount that grows daily and currently stands in excess of $3.6 million, the purse cutback and elimination of four stakes was necessary.
With the cut, average daily purse distribution at Finger Lakes will drop from $123,912 to $109,043. The four stakes eliminated include the Wadsworth Memorial Handicap (July 4), Proud Puppy Handicap (October 2), Finger Lakes Juvenile Fillies (October 16) and the Finger Lakes Juvenile (October 30). All were $50,000 stakes.
This marks the first time in over a decade that a purse cut has been necessary, "and will not be the only cut this season if NYCOTB is allowed to continue to fund its daily bloated operations at the expense of the racing industry." added Riegle.
Live racing continues at Finger Lakes every Monday, Tuesday, Thursday, Friday and Saturday. Post time each day is 1:10 p.m., with the exception of Friday, which is a 12:35 start.
About Finger Lakes Gaming & Racetrack - In operation since 1962, the facility added gaming to its offering in 2004 with a $10.5 million expansion. Over 1.6 million visitors annually now enjoy nearly 1200 slot machines, a 280-seat buffet restaurant, sports bar and grill, as well as live and simulcast thoroughbred racing. Gaming doors open at 10am and racing gates open at 11:30am daily. For more information, visit http://www.fingerlakesgaming.com/.
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