OTB Postpones Closing; Final Rescue Effort Tuesday

ALBANY, N.Y. (AP/1010 WINS) — The New York City Off-Track Betting Corp. has postponed its plan to shut down because of financial woes and will wait for one more last-ditch effort to get a rescue plan.

The OTB board agreed in emergency session Friday to postpone the closing scheduled for the end of the business day.

Instead, the board will wait until Tuesday’s special session of the state Senate. Senators could then vote for a reorganization plan approved by the unions, crafted by Gov. David Paterson and passed in the Assembly in a special session earlier this week.

The outcome of the vote is hard to predict. It likely would require rare bipartisan support to muster the 32 votes needed.

1010 WINS Reporter Stan Brooks talks with workers about the OTB shut down.

The board of the 40-year-old bookmaking enterprise previously voted to close and lay off its remaining 800 employees.

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

Comments

One Comment

  1. Rob says:

    Why is John V keeps saying the tax payers are paying for the bailout? Please John V stop riding that yellow school bus and get off will you? Please check the facts and get it strict before you type. There haven’t been one cent of public money ever pumped into OTB in the past or present. So stop it with your rhetoric of nonsense.

  2. Celeste L. says:

    UNLIKE NYRA, OTB DOES NOT TAKE ANY TAXPAYER MONEY. BOOKIES WOULD LOSE MONEY TOO IF THEY WERE SUBJECT TO PAYING OUT WHAT OTB DOES. LEGISLATION IS NEED TO CHANGE THE FORMULA OF DISTRIBUTION OF HOW MONEY IS DISTRIBUTED, AND NOT HAVE THEIR POCKETS PICKED. OTB DOES NOT LOSE MONEY, IT GENERATES IT. BOTH THE CITY AND THE STATE BENEFIT FROM THIS CORPORATION NOT TO MENTION THE WHOLE RACING INDUSTRY IN NEW YORK. YOU DON’T PICK A NICKEL INTO IT UNLESS YOUR BETTING!!!

  3. John V. says:

    Let OTB die already. Havent we as tax payers pumped enough money into this corrupt organization. I for one do not want to put another nickle into it. Its a bottomless pit of public money that could be better spent elsewhere IE: police, Education, Parks, infrastructure ETC. By the way< Does anyone no of any bookies that lose money ?

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