The day was crisp in the manner required for those photos on postcards of horses emerging from the mist, their nostrils flaring with steam like locomotives. But the rain had stopped, and everyone let out with a sigh.

Inclement weather is wreaking havoc with Saratoga. Yesterday, two men in tights from the New York City Ballet called off their trophy presentation to the winners of the third race because the rain would have ruined their costumes.

Red and white are the colors of Saratoga Race Course, but green is the color of money. That's why this 140-year-old racetrack, recently strapped to the brink of bankruptcy along with the other New York Racing Association tracks, will be opening today with a new, air-conditioned luxury box on the finish line and a "Restaurant Row" located opposite the...