Officials Warn NYC Off-Track Betting Could Shut Down

ALBANY, N.Y. (AP) — Officials are warning that the New York City Off-Track Betting Corp. could be forced to shut down in December unless state lawmakers approve a bailout of the operation.

City OTB board chair Larry Schwartz and president Greg Rayburn said Sunday that state lawmakers need to intervene to keep betting parlors and horse racing tracks open.

A shutdown would reverberate throughout the state’s horse racing industry, threatening up to 70,000 jobs.

About 500 workers are expected to be laid-off Tuesday.

Schwartz said he wasn’t trying to bully lawmakers. He said he was stating a “financial and legal fact.”

The state-owned New York City OTB is laboring to emerge from bankruptcy.

Lawmakers are being asked to consider a plan that includes concessions from the business, its unions and creditors.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Comments

One Comment

  1. billyd says:

    OTB’s rule!

  2. michael says:

    there are a lot of sleazy people at the OTB in my neighborhood in Brooklyn, both inside and lurking out on the sidewalk in front of the place. methadone clinics are even worse, but OTB is right up there. glad my business is not next door. wouldn’t want my kids walking by that place on the way to school.

  3. SomeGuy says:

    Let them sink. Seriously? A bailout? I’m surprised they’re in business!

  4. peppy says:

    In my comment below, I meant to say LAZY workers, not lay workers.

    LOL! PEACE!

  5. Peppy says:

    They should let these NYC OTB shut down. I used to work for OTB and I saw a lot of greedy, backstabbing, lay workers. Also, the people that go to these OTB are low lives. OTB thrives on the vices of the gambler and the gambler uses his/her money savings to make bets. Its like the tobacco company in business at the expense of the hooked smoker. Originally, I was told that the money that OTB made was to be used for the NYC public schools…what happened to all that money?

    I tell you GREED and CORRUPTION infest NYC OTB!

    1. lily says:

      maybe u were the one who got fired for maybe being the greedy, backstabbing and lazy worker. oh and not all gamblers are lowlifes…mind u not low live as u put it. so much for ur education.

  6. Orsch says:

    only a government the government can lose as a bookie. now they are going to run healthcare. unreal

  7. MArk says:

    It seems impossible that a betting parlor could go bankrupt. This is another example of government’s inability to run a business. Corruption, and do nothing executives and workers would never happen if it was privatized from the beginning.

  8. Lisa Nieves says:

    Ooooohh maybe they can replace all the OTB’s with Starbucks and Chase banks!! After all, every block in 21st Century NYC should have at least 3 Starbucks and 4 Chase banks on it.

    1. lily says:

      or maybe they can replace UR JOB. now wouldnt that be better.

  9. Davee says:

    I hope they shut these dumps down… I am tired of them being a scourge on our neighborhoods.

    1. lily says:

      maybe ur the scourge. ever think about that.

  10. dorkus28675 says:

    let it ride, I mean die

Comments are closed.

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