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.