Look behind the good news that emerged from the Feb. 16th meeting of the Board of Directors of the New York Thoroughbred Breeding and Development Fund (“the Fund”) and you’ll see dollar signs provided by the long-awaited revenue from VLTs. Chairman John Sabini opened the meeting by noting that the Resorts World Casino has paid more than $1.6 million to the Fund since its opening on October 28th 2011.
The prompt payments and ample revenue will allow the Fund to pay out all of the (30%) withholdings taken in 2011, as well as to pay bonuses to all three categories of awards earners.
Stallion owners $400,480
In addition, the Fund’s Chief Financial Officer Michael Demarco informed the Board that there was $1.338 million (final amount subject to audit by our CPA firm) on hand that could be paid out in supplemental awards. After some discussion, the Board voted to make payments along the lines of each category’s projected earnings. Significantly, the Board included owners in the supplemental/bonus payments as a way to remind horsemen and women that “it pays to own a NY-bred,” as the Fund pays up to $20K to the owner of a horse that earns money in open-company races run in New York State. (Click here for our awards incentive page.)
Category Money Available for Bonus Share of Supplement Bonus Rate
Breeder $807,000 60% 16%
Stallion owner $366,567 27% 27%
Owner $167,586 13% 17%
CHECK MAILING SCHEDULE
Beginning with the Fund’s payment for the first period of 2012 (January and February), the Fund will only be withholding 10% as per the Board’s decision at its February meeting.
The Fund expects to send withholding checks from 2011 in late March or early April. In addition, it is our goal to get supplemental checks in the hands of our stakes holders as soon as possible, with the expectation that they will be mailed in Mid to late April.
ADDITIONAL GOOD NEWS
The Fund Board approved the budgeting of $15,000 for six $2,500 scholarships to be awarded to students pursuing careers in the thoroughbred breeding or racing industries in New York State at SUNY Cobleskill, SUNY Morrisville and Cornell University (two scholarships each).
The Board approved Fund sponsorship of a NY-Bred Allowance Race to be conducted as a non-wagering event during the Fall Festival of the Horse run by the National Steeplechase Association at Saratoga Race Course. The family-oriented event will benefit Saratoga area charities such as the TRF and Saratoga Bridges.
If you have SIRIUS/XM Radio, tune in each Saturday when “Down the Stretch” hosts Bill Finley (turf writer), Dave Johnson (race caller) and Dave Grening (turf writer) will be discussing the advantage of owning NY-breds. Once a month they’ll announce a NY-bred of the month, and that announcement will be sent to equine publications for further publicity.
Also, mark your calendars for August when the Fund will promote NY-breds on Mike Francesa’s radio/cable sports talk show on the YES Network.
Start spreadin’ the word… it’s time to GET BACK with New York-breds so you can start with a bigger advantage than ever.
– Executive Director Tracy Egan