N.Y. PML Law § 203

§ 203. Right to hold race meetings and races. Any corporation formed\nunder the provisions of this article, if so claimed in its certificate\nof organization, and if it shall comply with all the provisions of this\narticle, and any other corporation entitled to the benefits and\nprivileges of this article as hereinafter provided, shall have the power\nand the right to hold one or more running race meetings in each year,\nand to hold, maintain and conduct running races at such meetings. At\nsuch running race meetings the corporation, or the owners of horses\nengaged in such races, or others who are not participants in the race,\nmay contribute purses, prizes, premiums or stakes to be contested for,\nbut no person or persons other than the owner or owners of a horse or\nhorses contesting in a race shall have any pecuniary interest in a\npurse, prize, premium or stake contested for in such race, or be\nentitled to or receive any portion thereof after such race is finished,\nand the whole of such purse, prize, premium or stake shall be allotted\nin accordance with the terms and conditions of such race. Races\nconducted by a franchised corporation shall be permitted only between\nsunrise and sunset. A track first licensed after January first, nineteen\nhundred ninety, shall not conduct the simulcasting of thoroughbred races\nwithin district one, in accordance with article ten of this chapter on\ndays that a franchised corporation is not conducting a race meeting. In\nno event shall thoroughbred races conducted by a track first licensed\nafter January first, nineteen hundred ninety be conducted after eight\no'clock post meridian.\n