Efforts to realign the struggling racing and off-track betting industry in New York have failed another annual legislative session at the state Capitol in Albany June 23.
The second New York off-track betting corporation to seek bankruptcy protection has filed a proposed schedule with a federal court to make good on its liabilities.
Three months after the closure of the state's largest off-track betting corporation, Suffolk Regional OTB has now gone through with its threat to seek Chapter 9 bankruptcy reorganization protection.
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.
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.
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.
A plan quietly floated to let the New York Racing Association take over management of the internet and phone wagering business at the struggling New York City Off-Track Betting Corp. has been rejected by Gov. David Paterson.
Legislation has been given final approval in New York to block a looming 1% takeout increase on out-of-state pari-mutuel wagers. The legislation now heads to Gov. David Paterson for his consideration.
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.
- By Tom Precious
New York Gov. David Paterson is sending mixed signals on whether he wanted to re-open talks with the New York Racing Association over its deal for a new franchise to operate Aqueduct, Belmont and Saratoga racetracks.
Legislation giving the New York Racing Association a 25-year extension of its exclusive Thoroughbred franchise was signed Feb. 19, Gov. Eliot Spitzer said. Meanwhile, the mayor of New York City reiterated that New York City Off-Track Betting Corp. can't continue under its current arrangement with the state.
It appeared a dispute over simulcast rates would keep the Gulfstream Park signal out of New York off-track betting parlors through at least the first weekend of racing at the South Florida track.
With the Florida Horsemen's Benevolent and Protective Association seeking a higher rate for the Gulfstream Park signal, and the existing rate governed by a contract with the racetrack, the six off-track betting corporations in New York didn't carry the Jan. 3 opening-day program from the South Florida racetrack.
The New York City Off Track Betting Corporation (NYCOTB) has rejoined the National Thoroughbred Racing Association.
- By Tom Precious
In a statement issued Thursday, New York City Off-Track Betting Corporation announced it will not be open on Easter Sunday.
Top government officials have shot down reports New York City Off Track Betting Corp. may be in line to get video lottery terminals for its betting parlors.
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.
New York City Off-Track Betting Corp. said its two branches nearest to the World Trade Center site will be closed Sept. 11, the one-year anniversary of the terrorist attacks.
On the sales block just a year ago, New York City Off-Track Betting Corp. is shedding its fire-sale image and moving ahead with plans to bring back bettors and forge new ties with racetracks, its new president said.
New York City Off-Track Betting Corp. had the second-biggest day in its history on June 8, Belmont Stakes Day, with total handle of $7,850,099.
- By Ray Paulick
By Ray Paulick -- In New York, it makes sense for live and off-track wagering to be conducted by the same company.
The sale of New York City Off-Track Betting apparently hinges on legislative changes that would make the entity more attractive to potential buyers. Meanwhile, it appears the state legislature may have more time to examine the issue given the fact they may remain in Albany into the summer.
A deal to sell the New York City Off-Track Betting Corp. still awaits final approval from New York Mayor Rudolph Giuliani, and the delay could thwart the plan for this year.
The long process to name a purchaser for New York City Off-Track Betting Corp. reached an expected final step when city government narrowed the field to two final bidders: a consortium headed by the New York Racing Association, and another by Magna Entertainment. Meanwhile, Gov. George Pataki, in a brief interview this week, said he favors the sale of NYCOTB. Pataki, who can kill any deal when it comes to Albany for review, has been largely silent on the issue in recent months.
Churchill Downs Inc. ended weeks of speculation Tuesday when it confirmed it has joined the New York Racing Association and the TV Games Network in a bid to purchase New York City Off-Track Betting Corp. The company has withdrawn the bid it previously submitted on its own behalf to the New York City Development Corp., which is overseeing the possible sale of New York City OTB.
All parties that met the city's demand of a bid of at least $250 million remain in the running for ownership of New York City Off-Track Betting Corp., sources close to the situation said Thursday. City officials have strongly denied a published report this week that the field has been narrowed to two bidders -- one group led by the New York Racing Association, and the other by Frank Stronach's Magna Entertainment.
Breeders' Cup president D.G. Van Clief Jr. on Friday issued a statement from four members of an NTRA Independent Advisory Committee in opposition to that committee's draft memorandum made public one week earlier, saying the conclusions represented a "minority viewpoint."
Although the biggest players in North American racing are among the bidders for the New York City Off-Track Betting Corporation, the New York Racing Association reportedly has the inside track to purchase the company.
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