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NYC Off-Track Betting Board Votes To Shut Down

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(Photo by Mario Tama/Getty Images)

(Photo by Mario Tama/Getty Images)

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ALBANY, N.Y. (AP) – New York City Off-Track Betting Corp. is moving to close the enterprise and lay off more than 1,000 employees.

The unanimous vote of the OTB board came with a plea for the state Senate to return to Albany and vote for a rescue and reorganization plan. The plan was approved Tuesday by the Assembly.

The plan isn’t a cash bailout, but a new business model that would be created through concessions by unions and management to modernize the operation.

The Senate’s Democratic majority has no plan to return by Friday’s deadline to close the 40-year-old public enterprise.

Senate Democratic spokesman Austin Shafran says it’s up to Gov. David Paterson to get the 32 votes needed to pass his proposed OTB plan.

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 This material may not be published, broadcast, rewritten or redistributed.)

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