A group of prominent horse racing, breeding and business leaders have formed
Friends of New York Racing Inc., a non-profit planning and advocacy organization
whose goal is to develop a new business model for the state’s Thoroughbred
racing industry.
“Friends of New York Racing, Inc. will be officially launched early next
year,” said Tim Smith, the group’s president.
Smith resigned in September as commissioner of the National Thoroughbred
Racing Association (NTRA). At the time, he said that the industry’s most important
issue was the future of horse racing in New York.
Smith indicated that the initial priorities of the new organization would be
to issue a report on the racing industry in New York along with communications
efforts to increase public understanding of the industry’s importance to the
state.
“The basic business structure and underlying legislation for New York racing
and wagering was created in the 1950s,” Smith said. “The gaming universe, the
competitive environment, the relevant technology, the economics of horse racing,
and the fiscal needs of state and local governments each has changed greatly
since then. Friends of New York Racing will look at ways to modernize and
improve the racing business to help ensure that New York racing remains the best
in the world and to generate added economic benefits to the state and local
communities.”
Smith said that Friends of New York Racing was created to examine the overall
structure and economics of racing and pari-mutuel wagering in New York and not
to supersede or detract from the efforts currently underway by the New York
Racing Association (NYRA), which operates Aqueduct, Belmont Park and Saratoga.
Founding members of the new organization include Breeders’ Cup Ltd.,
Churchill Downs Inc., Keeneland Association Inc., Magna Entertainment Corp., Oak Tree Racing
Association, Woodbine Entertainment Group, Scientific Games Corp., and The
Jockey Club.
Smith said that a Board of Directors, including representatives of “a large
and diverse group of industry stakeholders,” would be announced in January.