Despite a furious push into the night Dec. 9 by unions to get the state Senate back to Albany to try another vote, the New York City Off-Track Betting Corp. remains closed with bettors fleeing its ADW accounts by the hour.
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.
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 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.
The nation's largest off-track betting corporation will be shut down on the night of April 11 if a deal to provide it with financial help does not come together over the weekend, officials warn.
With talks to avoid a shut-down of its operations so far stalled, NYCOTB has floated a plan to state officials to permit it to withhold certain payments to tracks and others to remain solvent the next three months
State lawmakers March 10 urged Gov. David Paterson, who is considering pulling the plug on Aqueduct Entertainment Group's casino deal at Aqueduct, to pick from one of the remaining bidders if the AEG contract is scuttled.
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