The New York City Off-Track Betting Corp. board of directors Dec. 1 approved a resolution to shut down the betting giant, affecting 1,000 workers and leaving an uncertain future.
If New York senators don't approve a reorganization plan, the country's largest off-track betting operation will run out of money. Closing NYCOTB will mean 1,034 people will lose jobs.
State legislators failed to pass a plan Nov. 29 to reorganize the New York City Off-Track Betting Corp. The Assembly could pass the measure but state senators have left town. NYCOTB is expected to issue pink slips.
State officials threatened to close the New York City Off-Track Betting Corp. as early as next month, creating "chaos" and costing the racing industry thousands of jobs.
Gov. David Paterson outlined a proposed deal with a Wisconsin Indian tribe to build a casino in the Catskill Mountains.
New York's largest horsemen's group is among the latest calling on the Paterson administration to halt a looming agreement with a Wisconsin Indian tribe to build a casino in the Catskill Mountains.
Just weeks after breaking ground on a new casino at Aqueduct racetrack, Gov. David Paterson is hoping to forge an agreement for a competing, Native American-owned casino 100 miles away in the Catskills region.
Details of competitors' bids were leaked, timely campaign contributions flowed and key expert advice was ignored when New York officials earlier this year tapped Aqueduct Entertainment Group to run the casino at Aqueduct.
A tentative deal has been reached to let the New York Racing Association and other tracks take over the advanced deposit wagering system now run by the giant New York City Off-Track Betting Corp.
The new casino at Aqueduct racetrack should have ground broken on the project by the end of the month, according to the head of the New York Racing Association.
Officials said they are close to a deal to try to bring New York City Off-Track Betting Corp. out of bankruptcy protection, but that a final agreement is being blocked by several harness tracks in the state.
Genting New York officials, after turning over $380 million in licensing fee payments to the state, said they are prepared to quickly start construction on the Aqueduct casino project.
It is the photo opportunity the state of New York and the racing industry has been awaiting: a $380 million check presented by the company selected to run the much-delayed Aqueduct casino project.
Nine years after first being approved, the last major hurdle for the Aqueduct video lottery terminal casino project was cleared Sept. 13 when the state's chief fiscal watchdog gave his approval for the project.
It has taken three governors four different tries, but Gov. David Paterson and legislative leaders made it official Aug. 17: Genting New York will be the operator of the Aqueduct video lottery terminal casino.
After nine years of on-again, off-again movement, the Aqueduct casino project now seems all but certain to be a done deal.
New York Gov. David Paterson is turning up the heat on legislative leaders, prodding them to make a quick decision on the new operator to run the Aqueduct video lottery terminal casino.
Genting New York, a Malaysian-based casino group, has been recommended by the New York Lottery Division to run the much-delayed Aqueduct casino project.
A legal challenge to stop the current Aqueduct casino bidding process and award the contract to a previous bidder was tossed out by a New York state judge July 29, said state officials who were in the courtroom.
A group of creditors involved in the NYCOTB bankruptcy proceeding has suggested a number of changes, including a 1% surcharge on wagers, according to a June document.
A number of groups, including the New York Racing Association, have approached state officials about taking over all or part of the New York City Off-Track Betting Corp.
A state judge July 15 amended a temporary restraining order issued earlier in the week that banned the Lottery Division from continuing to work on the bid offered by Genting New York.
A New York state judge has temporarily halted the bidding process for the Aqueduct casino project to give time to consider a lawsuit brought by a consortium that had won the casino rights in a previous bidding round.
Two New York lawmakers say the $125,000 per month salary of the new NYCOTB president is illegal and have called for an investigation into his hiring.
The financially struggling New York City Off-Track Betting Corp. has accepted the resignation of its long-time president, and quickly filled his job with a replacement making nearly 10 times as much.
Only Malaysian-based Genting New York remains a viable candidate but its selection to run a casino at Aqueduct is far from certain.
Three companies met the 4 p.m. EDT June 29 deadline to submit financial offers to run a casino at Aqueduct.
Bids are due June 29 for the long-delayed Aqueduct casino project, and already one of the bidding groups is dropping out.
New York's new uncoupled wagering rule will be in place before the start of the upcoming Saratoga racing meet, the state's top industry regulator said June 25, and should be a boost for track handle.
A politically-wired lobbyist for a bidding group that initially won the development rights to the Aqueduct casino project was provided details about competitors' bids by the top Democrat in the New York state Senate.
A tentative deal among state senators has ended talk of a shutdown of the New York state government, keeping racetracks from having to suspend their operations.
Racetracks in New York state are being told they might have to shut down June 15 if a budget stalemate at the state Capitol is not resolved.
The head of the embattled New York City Off-Track Betting Corp. has resigned at a time when the betting giant is attempting to create a financial survival plan, sources close to the matter said the evening of June 4.
Six different groups have submitted a $1 million entry fee to be a part of the newest bidding process for the delayed Aqueduct casino project.
New York State lawmakers on May 24 approved a $25 million loan for the New York Racing Association, keeping the racetrack operator solvent for at least the rest of the year and avoiding a shutdown of its operations.
A $25-million loan proposal could keep the New York Racing Association operating through the spring of 2011.
NYRA is required under the Workers Adjustment and Retraining Notification Act that they to have to send out two-month advance word to employees of possible layoffs
The financial health of off-track betting corporations in New York is "substantially" deteriorating, and policymakers must react by considering different options.
State officials in New York have agreed on one point: that they will not let the New York Racing Association shut down after the Belmont Stakes (gr. I) or for the Saratoga summer meet.
- By Tom Precious
Legal restrictions foil proposal to keep NYRA solvent through the current year. NYRA says state is behind on payments they promised to make.
New York State has issued a new call for bidders to operate a casino at Aqueduct, nine years after the project was first approved by the legislature.
A group of about 10 Thoroughbred breeding farms and the Saratoga County Chamber of Commerce next week will sue the state of New York to try to force it to loan $17 million to the New York Racing Association.
- By Tom Precious
The New York Racing Association could run out of cash before July 1 under a doomsday scenario provided to its board of directors.
- By Tom Precious
Racetrack casino gambling in New York grew in all but one facility in the past year, as the net winnings of the racinos topped $1 billion for the first time since slots were permitted in the state in 2001.
More than 1,000 unionized workers at New York City Off-Track Betting Corp. are in still in line for pay hikes and severance deals but won't be paid until a long-term agreement is made.
NYRA may get a $17 million loan to help its cash crunch. Meanwhile, New York Off-Track Betting on April 23 cut 35 employees from his staff as it works through bankruptcy reorganization.
- By Tom Precious
Seeking to avoid a "profound" impact on the state's racing industry, New York City Off-Track Betting Corp. will not shut down April 18 as planned.
A top state lawmaker in New York urged the New York City Off-Track Betting Corp. to remain open a few more days to give negotiators additional time to strike a financial rescue plan.
An effort to bail out New York City Off-Track Betting Corp. collapsed April 14, leaving uncertainty over whether the betting giant will have to close its doors the weekend of April 17.
Negotiators are closing in on a deal to keep the money-losing New York City Off-Track Betting Corp. alive for another year, but last-minute sticking points have been jamming up a final agreement the past 24 hours.
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