Provides that from April 1, 2025 to March 31, 2026, twenty-three percent of funds in the Catskill off-track betting corporation's capital acquisition fund shall be made available for certain past due obligations; requires such corporation to submit an expenditure plan for approval before accessing such funds.
Impact
The implication of this bill on state laws is significant, as it formalizes a financial support structure that will address outstanding liabilities and statutory obligations of the Catskill off-track betting corporation. By ensuring these funds are allocated specifically to settle debts, the bill aims to stabilize financial operations within the state’s betting landscape and rejuvenate trust and reliability among relevant stakeholders including racing associations and state agencies.
Summary
Bill S08419 proposes amendments to the racing, pari-mutuel wagering, and breeding law concerning the Catskill off-track betting corporation's capital acquisition fund. From April 1, 2025, to March 31, 2026, the bill mandates that 45% of the funds within this corporation's capital acquisition fund, capped at $2.7 million, be allocated for specific past due obligations. These obligations include debts to racing corporations, costs for simulcast signals, and payments to various state-funded entities associated with horse racing and breeding development.
Contention
While the bill addresses financial needs, it could raise concerns regarding the long-term sustainability of such allocations. Critics may argue that the reliance on state-controlled funds for the operational stability of off-track betting corporations could skew the financial balance in favor of certain entities, potentially neglecting other areas needing legislative support. Moreover, an examination of how the funds are obtained and distributed, along with the oversight by the gaming commission, is essential in determining the bill's overall effectiveness and fairness.
Same As
Provides that from April 1, 2025 to March 31, 2026, twenty-three percent of funds in the Catskill off-track betting corporation's capital acquisition fund shall be made available for certain past due obligations; requires such corporation to submit an expenditure plan for approval before accessing such funds.
Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for the purposes of statutory obligations, payroll, and expenditures necessary to accept authorized wagers.
Relates to utilizing funds from the capital acquisition fund for the payment of salaries and benefits of employees and other expenses of regional off-track betting corporations.
Provides that the winnings from off-track betting, remaining unclaimed by April 1 each year, shall become part of the regional off-track betting corporation's operating account.
Relates to capital program plans; provides that the MTA shall submit to the MTA capital program review board two capital program plans on or before January 31, 2029 and every fifth year thereafter; provides that all future capital program plans be submitted January 31 of the required years.
Relates to capital program plans; provides that the MTA shall submit to the MTA capital program review board two capital program plans on or before January 31, 2028 and every fifth year thereafter; provides that all future capital program plans be submitted January 31 of the required years.
Relates to the Catskill off-track betting corporation providing licensing and financing to the Monticello racetrack and the ability to provide capital improvements.
Provides for the amount to be paid by off-track betting corporations to regional harness tracks from out-of-state and out-of-country simulcast revenue.