Updated 05/16/2012 02:50 PM
Board Threatens To Disband NYRA Amid Pay Out Scandal
To view our videos, you need to
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
State regulators are threatening to replace the New York Racing Association amid allegations the entity cheated bettors out of millions of dollars.
The state’s Racing and Wagering Board is blasting the agency for holding back $8.5 million in winnings and is now considering reorganizing all of NYRA which operates the tracks at Aqueduct, Belmont and Saratoga.
Investigators are also probing the deaths of 20 horses at Aqueduct in its race season over the winter.
In the wake of the scandal, the association already appointed a new president and secretary.
However, the move angered the state board, which says it will have to review the new appointments to ensure there are no conflicts of interest as the investigation continues.
NYRA, which has operated the tracks since 1955, has faced financial problems and criminal charges in recent years.
The scandal comes as Governor Andrew Cuomo looks to regulate all gaming under a single government oversight agency.