Vernon Downs to complete season

Vernon Downs to complete season

	Published : Tue, 31 Jul 2007 23:20 By : Agencies Print this Story

VERNON, N.Y. (AP) - The state Racing and Wagering Board on Tuesday approved the race schedule for the remainder of the season for Vernon Downs,

Since the season began in April, the racing board had allowed the central New York harness track to race only one month at a time because of horse shortages and financial problems, but board spokesman Daniel Toomey said Vernon Downs would be able to conduct programs through Nov. 3.

Vernon Downs hasn't raced a full season since 2003. It declared bankruptcy in 2004, was shuttered for all of 2005 and didn't start racing last year until August.

The track has had plenty of horses for the past two months, and in June struck a tentative deal with the state Legislature to keep more proceeds from its casino.

Since its casino opened last fall, Vernon Downs has generated more than $20 million in revenues from video gambling machines, or video lottery terminals. Half of that money goes to education.

The state's eight racinos -- racetracks with casinos -- keep up to 32 percent of total casino revenues and get 8 percent for marketing. A law adopted in June by the Senate would boost the amount for Vernon Downs by about $5 million.

A compromise on a similar measure in the state Assembly also has been reached. Assemblyman J. Gary Pretlow, chairman of the Assembly Committee on Racing and Wagering, said Tuesday the legislation has been prepared and 'will pass' when the Assembly meets in September.

'It will increase the allotment tracks receive for marketing, the thought being the more money for marketing the more people would participate,' Pretlow said. 'My personal feeling is that money should go to education, but they convinced me they could increase the amount going to education.'

Vernon Downs, which has 350 employees, had been losing about $700,000 a month, according to Jeffrey Gural, chairman of American Racing & Entertainment, which brought the track out of bankruptcy and reopened it last year.