NYRA likely to get $25M state loan

ALBANY - New York State is expected to lend the New York Racing Association $25 million to preserve thoroughbred racing seasons at Belmont, Saratoga and Aqueduct.

The NYRA loan is included in a measure from Gov. David A. Paterson to extend basic state operations in the absence of an approved budget for this year. It would have to be repaid by March 31, 2011, or within 30 days of a state pact with a contractor to install video lottery terminals at Aqueduct.

NYRA last week notified more than 1,400 workers the cash-strapped racing operator might have to close tracks after the Belmont Stakes.

Assembly Speaker Sheldon Silver says he supports the loan.

Senate Democratic spokesman Austin Shafran says that chamber expects the appropriation bill to pass. - AP