New York's chief regulator of the racing industry is stepping down Jan. 11, just weeks before a new uber-agency to oversee all gambling related activities in the state comes to life.
Using the Kentucky Derby Presented by Yum! Brands (gr. I) to make his point, New York Assemblyman Micah Kellner, who represents Manhattan, railed on officials for not moving to offer offtrack betting at bars in New York City.
The New York Racing Association is proposing a plan to let it operate pari-mutuel wagering in an initial 10 bars and restaurants in New York City.
All-source wagering dipped by more than 10% during the Belmont Park fall meet, according to the New York Racing Association, although on-track attendance improved during the 35-day stand.
Finger Lakes Casino & Racetrack in upstate New York has eliminated nine stakes this year because of reductions in purse supplements from the New York Thoroughbred Breeding and Development Fund.
A long-shot measure to re-open the New York City Off-Track Betting Corp. failed to get enough votes to even make it out of a New York state Senate committee on March 8.
A New York lawmaker wants to put the now-defunct New York City Off-Track Betting Corp., out to competitive bidding.
Total pari-mutuel handle at New York Racing Association tracks was up 76% in the first month after the shutdown of New York City Off-Track Betting Corp., according to state officials.
Breeders and owners in New York, shortchanged the past couple years, in part, because of the bankruptcy of New York City Off-Track Betting Corp., are in line to get $4.4 million in purse awards due them in 2009 and 2010.
A federal bankruptcy judge Jan. 25 dismissed the shuttered New York City Off-Track Betting Corp.'s Chapter 9 bankruptcy case, rejecting a motion by a union representing more than 1,000 fired workers.
Racetracks and OTB corporations in New York are circulating a draft agreement to permit live video streaming of races over the Internet -- a move supporters said could help pick up some business.
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.
The New York Racing Association board of directors awarded raises to several hundred non-union employees -- a day after threatening bankruptcy if a controversial bill involving New York City Off-Track Betting Corp.
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.
The New York Racing Association announced it would offer double cash rewards for three months from Jan. 1-March 31 to all new customers who sign up for its NYRA Rewards account wagering service by Dec. 31.
The state Senate in New York Dec. 7 rejected a reorganization plan for the New York City Off-Track Betting Corp.--and the OTB proceeded with its shutdown plan on Dec. 8.
The New York City Off-Track Betting Corp. could get a last-minute reprieve from its threatened shut-down Dec. 3, following a promise by the New York state Senate to take up a reorganization bill for the state-owned entity.
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.
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.
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.
Officials and horsemen at Finger Lakes Gaming & Racetrack are livid over a 12% purse cut they say was necessitated by the ongoing financial difficulties of New York City Off-Track Betting Corp.
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.
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.
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. officials are preparing to seek a bankruptcy judge's help in deferring statutory payments to racetracks and others to avoid an April 11 shutdown.
New York City Off-Track Betting Corp., facing a possible shutdown, can continue its bankruptcy reorganization case, a federal judge ruled March 22.
Representatives of the Thoroughbred industry testified Feb. 3 before various New York Senate committees looking into the state of the horse racing industry.
A state task force is recommending a series of changes in the law to address new competition for dwindling betting dollars and repair a situation that has created a damaging war in New York racing.
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.
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's rules governing racetrack and off-track revenue-sharing took another twist Dec. 15 as state racing regulators ordered four downstate off-track betting corporations to pay millions of dollars to Yonkers Raceway.
- By Tom LaMarra
New York City Off-Track Betting Corp. plans to seek Chapter 9 bankruptcy protection in an attempt to reorganize its business.
The head of the New York City Off-Track Betting Corp. is being replaced, Gov. David Paterson announced.
State lawmakers in New York have backed off on a looming law raising the takeout on bets made on out-of-state Thoroughbred races, a move the industry said would have put the state at a competitive disadvantage with other states.
An effort is underway by racetracks and OTBs in New York state to derail a looming hike in the pari-mutuel takeout before it takes effect next month.
New York officials announced the evening of June 15 a deal to avert the closure of New York City Off-Track Betting Corp. by having the state take over the entity. The move could be a prelude to a statewide consolidation of all OTB corporations.
- By Tom Precious
Negotiators in New York the afternoon of June 13 were putting the final touches on legislation in which the state would take control of the New York City Off-Track Betting Corp., thereby averting a shutdown of the city's betting operations for the weekend.
The New York Thoroughbred Horsemen's Association said June 4 it recognizes the contribution made to purses by New York City Off-Track Betting Corp. but won't support a proposal that would reduce the amount NYCOTB pays to purses and the New York Racing Association.
A deal to keep New York City Off-Track Betting Corp. from shuttering could be at hand, according to the head of the state Assembly's racing committee.
With the clock ticking on the closure of the New York City Off-Track Betting Corp., officials from the Bloomberg administration are stepping up their calls for industry stakeholders to compromise on a bill or face the loss of more than $100 million in OTB distributions.
New York Gov. David Paterson sent mixed signals about reopening the deal giving the New York Racing Association a 25-year franchise extension to operate Aqueduct, Belmont, and Saratoga racetracks.
New York Gov. Eliot Spitzer has vetoed legislation advocates said would have made it easier for tracks and off-track betting corporations to begin bettor rebate programs as a way to compete with off-shore entities and others in the pari-mutuel wagering industry.
A study authorized by New York City Off-Track Betting Corp., the largest such entity in New York, recommends action designed to maximize the operation and capitalize on marketing opportunities.
New York City off-track betting corporations began importing the signal from Gulfstream Park Jan. 17 after an agreement was reached on a rate for the signal.
New York City Off-Track Betting Corp. set records for handle on the May 1 Kentucky Derby (gr. I) and overall amount wagered on a single day.
As some lawmakers and off-track betting corporations push for an increase in pari-mutuel takeout, New York regulators March 30 agreed to lower the takeout on certain pick six wagers at New York Racing Association tracks.
Pari-mutuel takeout wars have begun in New York, where a state senator has introduced legislation to increase the amount the New York Racing Association keeps on wagers. Though the measure's sponsor said the takeout hike is needed to help stop NYRA's financial bleeding, NYRA chairman Barry Schwartz insists the legislation would turn off bettors and decrease purses.
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