New York SOA releases Vernon statement

October 24, 2007

Shortly after Vernon Downs' officials announced it was canceling the final four days of racing following this weekend due to what track owner called "dire financial shape" after legislation to lower the tax rate on video gaming gaming machines was defeated, the Standardbred Owners Association of New York issued the following release:

"Despite speculation that the State Legislature would approve a stand-alone bill this week to increase vendor fees at New York State harness tracks operating video lottery terminals (VLTs), the Assembly and Senate have instead chosen to develop a bill that addresses the owners' concerns as well as the needs of the horsemen and breeders at the tracks. This decision was praised by Joe Faraldo, president of the Standardbred Owners Association of New York, who said, 'We are grateful to the Legislature for this thoughtful decision and expect to sit down with legislative leaders in the coming weeks to work with them on a comprehensive bill that not only increases the vendors fees, but also returns race re-investment percentages for horsemen and breeders into the law.

'Though we know that the management of Vernon Downs has already told the horsemen that they are canceling the remainder of the racing season because they couldn't get their stand-alone bill passed, unfortunately the track owners didn't share the whole story and neglected to mention that a more comprehensive, more thoughtful approach to the needs of the racing industry was in the works," said Faraldo. 'This approach protects breeders, horsemen, and yes, track operators, all at the same time. While we understand that this may be disappointing to some individuals, it is, by far, what is best for the entire racing industry and for New York State.' This unified approach to amending the VLT law has been the position of horsemen and breeders since the 2007 legislative session began in Albany.

'All along, we made it clear to the Legislature and to the track owners that we are invested in the tracks' success as well, because obviously we need them to do well for us to do well. All we have ever asked for is to have what we were originally promised by the track owners put into the law. This unified bill approach will do just that and we hope that the track owners will join us in this important effort.'"

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