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About $24 million of the state s money to NYRA will be used to more adequately fund its pension obligations.
Those are big number in context of our revenues, said James Heffernan, vice chairman of NYRA s board of trustees.
NYRA has not turned an operating profit since 2001, although president and CEO Charles Hayward told The Business Review that preliminary projections for 2009 indicate a shot to eke out a small operating profit.
NYRA is waiting for Gov. David Paterson, Senate Majority Leader Dean Skelos (R-Rockville Centre) and Assembly Speaker Sheldon Silver (D-Manhattan) to agree on who will operate new video lottery terminals at Aqueduct. NYRA will pocket 4 percent of gross revenue from those operations, once they open.
NYRA getting out of bankruptcy certainly was not something that needed to happen, but now that it has happened, it brings more clarity to the situation, said Morgan Hook, a spokesman for Paterson. Hook said Paterson hopes he, Skelos and Silver can reach agreement on a lottery terminal operator in a couple of weeks

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