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.
The recent bankruptcy petition by the New York City Off-Track Betting Corp. should be tossed out of federal court, the New York Racing Association argues in a lengthy legal brief filed Jan. 4 in Manhattan.
New York Gov. David Paterson signed legislation March 13 to block a scheduled across-the-board takeout increase in out-of-state wagers placed at tracks and OTB parlors in the state.
Negotiators are eyeing a plan to have the state of New York take over the running of New York City Off-Track Betting Corp., which is threatening to shut down this weekend unless a revenue sharing structure is changed.
New York Gov. David Paterson said all options â€" including a takeover by the state or the New York Racing Association -are on the table if a deal is not struck by this weekend (June 14-15) to keep open the New York City Off-Track Betting Corp.
State officials are working on a plan to help keep the New York City Off Track Betting Corp. from shutting by shaving up to 20% of revenue-sharing the OTB now makes to various entities, including the New York Racing Association, out-of-state tracks, and breeding programs.
Preliminary negotiations have begun at the state Capitol in Albany to address New York Mayor Michael Bloomberg's threat to shut down the New York City Off-Track Betting Corp. in June.
Funny Cide's bid to win the Triple Crown in the Belmont Stakes (gr. I) on Saturday is turning New York into a "one-horse town." Sackatoga Stable's hero will not only bring out the equine stars to challenge him and run on the undercard, but will bring out a gaggle of luminaries from Hollywood and New York as well as heavyweights from the political arena.
A deal to bring video lottery terminals to New York racetracks with an increased slice of the pie for track operators includes other provisions, including removal of restrictions on pari-mutuel takeout. The VLT deal is expected to bring the state $165 million this year, legislative sources said.
New York City mayor Michael Bloomberg re-appointed David Cornstein as chair of the Off Track Betting Corp. (OTB) on Jan. 10. Cornstein was first appointed to the board in 1994.
In search of every last penny to balance the city's budget, New York City officials are trying to convince state officials to allow New York City Off-Track Betting Corp. to simulcast Thoroughbred racing at night.
To end the "destructive competition" and bolster revenues for both entities, the New York City Off-Track Betting Corp. should be merged with the New York Racing Association to create a new industry powerhouse, NYRA chairman Barry Schwartz said.
New York City Mayor Michael Bloomberg has named Ray Casey, who directed the city's Trade Waste Commission, to head New York City Off-Track Betting Corp., the New York Post reported Feb. 21. Bloomberg also said the city wouldn't sell the betting corporation, at least for now.
Despite plans by the new mayor of New York City to delay the sale of New York City Off-Track Betting Corp., the head of the New York Racing Association said he will make a new pitch to purchase the lucrative corporation.
The new mayor of New York did not include the sale of the New York City Off Track Betting Corp. in his city budget for the coming year, but he is keeping his options open next year.
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