ALBANY — Gov. Paterson said a proposed state bailout will pass and New York thoroughbred racing at Belmont and Saratoga race tracks will go on as scheduled.
Paterson was asked in a news conference if NYRA will run out of money before the Saratoga summer meet, as NYRA officials warned Monday.
“That’s not going to happen,” Paterson said. “We have a plan to loan NYRA, in the short term, money to get through Saratoga and we’re working on a long-term plan to help beyond that.”
Paterson said he expects the Legislature to approve a $17 million loan to keep the New York Racing Association afloat. Its cash flow is hurt by delays in getting video lottery terminals built and operating at Aqueduct race track. Part of the hundreds of millions of dollars in annual revenue was to support the racing industry.
Paterson said the plan hasn’t hit any snag and he expects the Legislature to approve the latest bailout as they have past plans to support NYRA.
“They haven’t committed to do it, but we have it ready,” Paterson said. “I think they’ll pass it.”
The Belmont meet ends July 18 before racing shifts upstate to Saratoga for the state’s most lucrative meet, which runs July 23-Sept. 6.