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NYC OTB: Tuesday Deadline Critical

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Generic Race Horse File Photo (credit: CBS 2)

Generic Race Horse File Photo (credit: CBS 2)

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NEW YORK (AP) – New York City Off-Track Betting Corp. President Greg Rayburn said Tuesday was another critical deadline for the ailing bookmaking agency’s future.

Rayburn said the OTB needs a deal with its unions representing 1,300 workers or it will void its labor contracts. He argued the action is allowed during bankruptcy proceedings.

Tuesday was the deadline for employees to sign up for an early retirement incentive, which could go a long way toward reducing personnel costs.

Rayburn said the reduction is necessary for OTB to continue its operations under a new structure that relies more on automated betting.

He said if his preferred plan fails, OTB could face liquidation.

(Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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