According to an audit released by State Comptroller Thomas P. DiNapoli, the New York Racing Association (NYRA) has seemingly failed to prioritize capital projects and formally estimate project costs funded by Video Lottery Terminal (VLT) revenue. Issues with capital planning have been a problem that has plagued the NYRA for years.
“Sound business practices include both long-term and short-term capital project planning, but my auditors discovered that NYRA’s planning was weak,” DiNapoli said, according to Empire State News. “An organization that has recently emerged from bankruptcy protection needs to do a much better job of minding its finances and seeing to its most pressing capital needs.”
The NYRA owns the Aqueduct Racetrack as well as the racetracks in Belmont and Saratoga.
Auditors found that the NYRA lacked details and documentation to support its annual capital plans and failed to provide an overall vision for the organization. Although NYRA officials did agree with the audit’s findings regarding the VLT funds, it did not agree with the audit’s conclusions about long-term and short-term capital planning efforts.