Yonkers to open in Sept.

The management of Yonkers Raceway, the legendary harness oval and soon to be the site of New York's largest video lottery terminal (VLT) racino, and the Standardbred Owners Association of New York (SOA), representing over 1,000 owners, trainers and harness drivers competing at the facility, announced today that they have resolved their contractual disputes and lawsuit, thereby paving the way for racing to return to the track in September of 2006.

Management and the SOA both expressed gratitude to New York State Senator Nick Spano and to the New York State Racing & Wagering Board for their intervention and assistance in resolving this dispute.

“This agreement is great news for both the sport of harness racing and for countless individuals in the racing industry who depend on Yonkers Raceway for their livelihoods,” said Joe Faraldo, President of the SOA.

“We are extremely excited about the return of racing to our legendary oval and we are very grateful for the efforts of Senator Spano and the Racing & Wagering Board in helping to make this resolution possible,” said Timothy J. Rooney, President of Yonkers Raceway.

The SOA had filed suit against Yonkers management in March of 2006 over the length of time the Raceway was closed for construction of the new VLT facilities, which management asserted was due to factors beyond its control. As part of the agreement signed today, the lawsuit will be held in abeyance.

"Though we had reached an extremely challenging impasse,” said Mr. Faraldo, “we were fortunate enough to secure the direct involvement and superior mediation skills of Senator Spano, Racing & Wagering Chair Cheryl Ritchko-Buley and Racing & Wagering Board Member Mike Hoblock.”

“Thanks to their thoughtful suggestions and mediation efforts, both sides were able to engage in the type of give-and-take that was needed to craft in a win-win resolution for everyone,” said Mr. Rooney.

The negotiated settlement and signed agreement announced today will make up the 154 racing dates lost during the closure, along with the addition of some new racing dates. In addition, 77 of those dates will be made up in the first year of the five-year agreement, ensuring that racing will return to Yonkers in full force.

The Raceway is scheduled to reopen for live harness action, as well as simulcasting from other racetracks across the country, in late September of 2006.

Senator Spano concluded: “The real winners in this resolution are neither the SOA nor Yonkers Raceway, but rather the people of New York State. Our public school children will benefit from the significant education dollars generated by Yonkers’ VLTs and our rapidly-reviving harness racing industry will benefit from the return of Yonkers Raceway to its rightful position as a national leader in the sport. I want to thank the Racing & Wagering Board and everyone who spent long hours around the negotiating table for their roles in helping to make today a great day in the history of New York State harness racing.” (SOA press release)

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