Dear Stakeholders,
At the December 2020 meeting of the Board of Directors of the NYS Thoroughbred Breeding and Development Fund, it was decided that the holdback rate for 2021 would be set at 25%, a reduction from the 50% holdback instituted after COVID-19 interrupted racing in the first quarter of 2020. The 25% holdback rate could be revisited during 2021 based on revenues we receive from handle and VLTs in the upcoming months.
The good news is that we anticipate being able to pay out close to 100% of the holdback money from last year. These checks will be issued after outside auditors review and approve our financial statements for 2020. Therefore, we anticipate that the 2020 holdback checks will be sent out in late March.
Sincerely,
Tracy Egan
Executive Director
NY Thoroughbred Breeding and Development Fund
