NYRA to be audited for a third time

Maybe the third time will be a charm…

The New York Racing Association (NYRA) will be the subject of yet another audit by the state comptroller’s office. This will be the third audit of the agency since 2008.

State Comptroller Thomas DiNapoli said he wants to take another look at NYRA’s books to determine whether it has appropriately followed his recommendations from two earlier audits that called for significant cost reductions, including salaries and consultant fees.

NYRA, according to its 2011 budget, expects to see an $11 million deficit this year after a $17 million operating deficit last year. NYRA has not posted a profit since 2000.

The agency is counting heavily on new gaming revenues from the Aqueduct casino to become profitable again. It is expected to receive at least $25 million annually for operating costs and capital improvement projects from thousand of video lottery terminals that will be installed.

The state Inspector General is also reviewing NYRA’s books.

Read more here.


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