NYSWRB rules Yonkers owed millions

The New York State Racing and Wagering Board on Tuesday ordered four off-track betting corporations in the state to pay Yonkers Raceway several million dollars owed as part of legislation passed six years ago that guaranteed that harness tracks would not be financially impacted by the nighttime simulcasting of Thoroughbred signals.

The ruling comes in addition to monies already owed to Yonkers. Earlier this month, New York City OTB filed for Chapter 9 federal bankruptcy protection, listed Yonkers as one of its two top creditors—along with the New York Racing Association—with $18 million owed. There is some question whether the New York City OTB will ever be able to pay the money.

The Board said that the New York City OTB owes Yonkers an additional $3.6 million, while Nassau OTB owes $1.8 million, Suffolk OTB owes $1.2 million, and Catskill OTB owes $940,000.  

Also at issue was whether Yonkers would receive any money for the period of June 2005 through June 2006 when it was shut down for construction of the racino. The ruling by the Board on Tuesday—a vote of 2-1—stated that Yonkers was owed the money.

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