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ALBANY, N.Y. -- An audit shows the New York Racing Association is facing financial insolvency next year unless the thoroughbred track operator cuts more spending and begins getting revenue from a casino at Aqueduct that doesn't yet exist.

New York Comptroller Thomas DiNapoli says Monday that he's putting auditors on site to monitor NYRA's condition. It operates the Belmont, Saratoga and Aqueduct tracks. NYRA went into bankruptcy, was bailed out by the state, and still operates in the red.

Auditors say interest in betting on horse racing is declining in New York and nationally.

The association says it cut operating spending 2.2 percent since 2008, reducing purses for some races and laying off 12 professional staff, and is considering other steps.

Copyright 2010 by The Associated Press

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