The New York Racing Association has filed for Chapter 11 bankruptcy protection, charging that the state of New York’s failure to approve a long-stalled casino project for Aqueduct Racetrack has pushed it toward insolvency.
The filing, submitted electronically Nov. 2 to the U.S. Bankruptcy Court in the Southern District of New York, could throw into a judge’s hand everything from the future of the casino to the sticky issue of who owns the land upon which NYRA tracks sit.

“We always viewed filing for Chapter 11 bankruptcy protection as a last option, and regrettably, NYRA’s Board of Trustees felt that we were required to take this action to protect New York’s Thoroughbred industry,” NYRA President Charles Hayward said in a written statement.

The bankruptcy filing throws confusion into the bidding process underway involving NYRA and two major competitors for rights to the franchise, which expires at the end of next year, to run Aqueduct, Belmont and Saratoga racetracks.

The court route comes as NYRA turned down an offer this week for $19 million in funding from the state, saying further restrictions were imposed by the state – beyond what, it insists, was envisioned by state lawmakers – and that NYRA would not accept