New York Racing Association is seeking ways in which it could support the local horse racing field in the upcoming weeks. One of the ways this could happen is through a reduction of the 2020 live season at Aqueduct Racetrack and Belmont Park. This is projected to protect purses money, making it more sustainable autumn. The association decided to reduce the live racing season of two locations.
The unprecedented situation around the globe, as well as across North America has taken its toll on all industries. Over the past five months and counting, the horse people of New York State have experienced reduced purse money along with no live racing in the spring and early summer months of this year.
Aqueduct Racetrack and Belmont Park
Aqueduct Racetrack in Queens, New York City along with Belmont Park Race Course in Elmont are projected to have their live 2020 schedules reduced by the horse racing association seeking their protection down the road. In order for them to remain sustainable businesses, their purse money should be protected at all costs, even if this means that the live racing dates are going to be fewer this fall.
New York racinos are among the main engines of the racetracks, as their gaming revenue is what fuels the purses and subsequently the horse people. Ever since mid-March, these gaming venues have been closed for business and there is no indication when they will reopen. Aqueduct Racetrack has its racino filled with the popular video lottery terminals but physical distancing and other recommendations keep it locked still.
Both the Queens’ racetrack and Belmont Park will have to have a total of 11 race days cut in order to remain as sustainable as possible. This is what New York Racing Association revealed to the New York State Financial Oversight Board this week. NYRA President and Chief Executive Officer David O’Rourke made the announcement on August 18.
Yonkers Raceway
Mr. O’Rourke stated that the situation is a rather dynamic one and the association’s approach takes into account every single race date part of this year’s racing calendar. For the time being, planning ahead of time is rather risky and the management can only make short-term plans such as this recent reduction approach. He also pointed out that there is a US$265.3-million gap between the all-source handle up until this moment and its amount generated over the same period last year.
In the meantime, Yonkers Raceway is going to have its live racing schedule extended through September 12. The new agreement was negotiated between Empire City Casino and the Standardbred Owners Association of New York. This extension is about to facilitate the New York Night of Champions and see harness racing continue against all odds.
Empire City Casino is also closed and the purse money will soon run dry, but the Standardbred Owners Association of New York is going to fuel them with some US$1.2 million from their reserve fund and support the racetrack for a couple more weeks.
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