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NYRA: Cash flow crunch threatens Belmont Stakes

Rajiv Maragh rides Diamondrella across the finish line

Rajiv Maragh rides Diamondrella across the finish line for the 7th race during the Belmont Stakes in Elmont on June 06, 2009. Photo Credit: Newsday File / Ana P. Gutierrez

ALBANY, N.Y. - The New York Racing Association says it’s facing a cash crunch that could threaten the Belmont Stakes and thoroughbred racing’s Triple Crown because state government still hasn’t approved video slot machines at Aqueduct race track.

The New York Daily News reports Monday that NYRA President Charles Hayward says he may not be able to meet payroll obligations because Albany hasn’t awarded the lucrative video slot franchise.

Gov. David Paterson and legislative leaders have yet to name the winning bidder in a process that has been delayed for several years. But they’re now counting on $200 million in upfront payments from a vendor to help address the state’s own cash flow problems.

Some of the video slot revenue would go to NYRA, which operates the Belmont, Aqueduct and Saratoga tracks.

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