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NYRA's Share of the Slot Machine Cash Would be Less

Senator William Larkin plans to support the governor’s plan to allow the New York Racing Association to continue on managing the tracks and the slot machines that will ultimately come with them. However, he says that there needs to be a difference in the amount of money that the NYRA will get from that partnership.

Larkin wants to see the breakdown in the casino operator and state’s favor, with the NYRA getting less slot machine revenue over the next 30 years that the contract would be extended. Larkin thinks that the current proposal is too generous to the NYRA, and wants to see the numbers changed.

This is the first proposal to come back at Governor Spitzer’s proposal, which currently has the approval of the Assembly. The Senate does not approve of Spitzer’s plan, but any plan would have to be approved by all three entities. The percentage that would go to the casino operator has not been determined yet, but it would come from that that was previously promised to the NYRA. They would get around 7% under Spitzer’s proposal, with the casino operator getting 26%.

With the state possibly looking to help the NYRA out of bankruptcy, some of the possible casino operators are upset with the current deal that Spitzer is shopping around. They say that to keep putting money into the NYRA is the same as throwing it away. The casinos say that unless they are given a bigger piece of the pie they won’t bid for the slot machine franchise at all.

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