New York City Off-Track Betting Corp. is just days away from 'a point of no return,' as officials watch bettors withdraw their final ADW funds and the OTB prepares to make a last revenue-sharing payoff to racetracks.
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 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.
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.
Seven creditors are negotiating to clear the slate on nearly $100 million in debt owned by the New York Off-Track Betting Corp.
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.
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.
Gulfstream Park announced the resignation of Bill Murphy from his posts as president and general manager, effective Oct. 30.
Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
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