NYC OTB Bailout Still Alive In NY Legislature

ALBANY, N.Y. (AP) — A state bailout of New York City Off-Track Betting is still alive after the state Legislature failed to approve it Monday.

The Assembly is expected to approve the measure Tuesday. The Senate says it needs more time to study the bill before it acts, possibly in coming days.

The state-owned New York City OTB is trying to emerge from bankruptcy and wants lawmakers to approve a plan that includes concessions from the business, its unions and creditors.

New York City OTB has long handled as much as $1 billion a year in horse racing bets. Yet it’s been kept in fiscal crisis by competition from casinos and other gambling operations, OTB’s payouts to governments and the horse racing industry, and concern over its management.

Copyright 2010 The Associated Press.

pixy NYC OTB Bailout Still Alive In NY Legislature
Comments

One Comment

  1. Mike says:

    Everyone lost all there money with the phoney stock market. I rather bet 10 dollars on a horse.

  2. mikey r says:

    let organized crime take overotb . you know they will turn a profit

  3. Les says:

    The_only_bookie_in_the_world_that_LOSES_money.Stop_throwing_away
    money-close’em_up.Sorry_for_the_job_losses,but_think_of_the_savings
    on_rents,leases,sub-leases,etc.If_you’re_gonna_bail_out_a_bookie,I’ve_got
    a_bridge_I’m_looking_to_sell.Get_rid_of_this_waste_NOW>>

  4. mark says:

    this is a joke otb is getting help but I cannot get any help with my unfair mortgage!!!

Comments are closed.

More From CBS New York

CAMPAIGN 2016
1010 WINS Special

Listen Live