NEW YORK, U.S.A. - The New York Racing Association, Inc. (NYRA) now has a chance to make horseracing significant in New York state again after it received fresh funds in the form of a loan from Genting New York.
Genting New York, a subsidiary of Malaysia's Genting Group and operator of the Resorts World brand worldwide, extended a US$25 million loan to NYRA geared towards helping the latter make horseracing popular again among fans of the sport and thereby allow the industry to survive.
NYRA received the loan last Friday at Aqueduct Racetrack, the future site of Genting's Resorts World Casino.
Genting NY President Mike Seller said the loan showed the strong partnership between Genting and NYRA. He added:
"Genting is proud to be able to assist NYRA as it rolls out significant improvements that will lead to an even stronger horseracing industry around the state. Moving forward, Genting is eager to work closely with NYRA to transform the current facility into a casino and racetrack that will be the envy of the country."
The loan will be paid back to Genting NY through revenue to be generated by the casino. Work on the casino will begin later this week.
NYRA Executive Vice-President and Chief Operating Officer Hal Handel said that the construction of the casino will help the state's horse racing industry considerably which has experienced declining popularity in recent years. He further added that revenues from the casino will allow NYRA to increase prize purses of the races and improve facilities in all of New York's racing facilities.
According to Handel:
"A successful casino at Aqueduct will provide the entire New York thoroughbred industry with much needed revenue and will allow NYRA to increase purses and undertake important capital improvement projects at Aqueduct, Belmont Park, and Saratoga."
Source: Queens Courier
