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Thursday, June 3, 2004
The New York State Senate today passed legislation to significantly reform and strengthen the state�s regulation and oversight of the gaming and horse racing industries in New York State.
"These historic reforms would streamline oversight, primarily by placing the regulation of racing and gaming under one new, centralized Commission," Senate Majority Leader Joseph L. Bruno said. "This plan would increase accountability and public confidence in racing and gaming which play a major role in the state and local economies and generate a significant amount of revenues that fund education, economic development and other important state programs and services."
"The racing industry in New York has had its problems over the last few years. Questionable business practices have seriously hurt the industry�s true economic potential for the state as well as its reputation," Senator Larkin, Chairman of the Senate Racing, Gaming and Wagering Committee, said. "This legislation will closely regulate the racing industry in New York in a way that will maintain the public�s confidence and trust in the system and ensure that gambling revenues are kept here in New York, rather than going to neighboring states."
The highlight of the reform bill (S.7364), originally submitted by Governor George Pataki, would be the establishment of a new State Gaming Commission. The State Gaming Commission would consolidate the regulatory functions of the State Racing and Wagering Board, Division of Lottery, New York State Police and Capital Investment Fund into a single agency to oversee and regulate all legalized gaming and horse racing in the state and eliminate overlapping or redundant functions and entities.
In addition, the bill plan would establish an Oversight Board to oversee the New York Racing Association (NYRA) and monitor the finances and operations of NYRA and make recommendations to the Governor and the Legislature on the future of the racing franchise. The bill would also make necessary changes related to video lottery gaming at the Aqueduct racetrack.
The Commission will be comprised of five members appointed by the Governor with the advice and consent of the Senate, serving five year terms. The Commission would be funded by fees and/or reimbursements received from the regulated community, which would include the Native American casinos, racetracks, OTBs, VLT operators and charitable organizations.
Under the provisions of this bill, the State Gaming Commission would have the authority to step in and manage, either directly or under contract, certain gaming operations on a temporary basis in the event that a racetrack or VLT facility is unable to continue operations. This would ensure there is no interruption in racetrack operations, including jobs and revenues to the state.
The legislation would create a NYRA Oversight Board to monitor all of NYRA�s financial practices and procedures during the remaining three and one-half years of its franchise and develop recommendations for the Governor and the State Legislature regarding the future of the franchise.
The Oversight Board would be made part of the State Gaming Commission, but have an independent (uncompensated) Board of Directors of five members that would each be appointed by the Governor. Of the five appointments, one would be made upon the recommendation of the Senate and another would be made upon the recommendation of the Assembly.
The bill was sent to the Assembly.
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