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.
- 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.
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.
New York City Off-Track Betting Corp., facing a possible shutdown, can continue its bankruptcy reorganization case, a federal judge ruled March 22.
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
The nation's largest off-track betting corporation, now under federal bankruptcy protection, faces closure in the next 60 days unless the state officials OK its recovery plan.
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