Off-Track Betting Corp.
A proposal to build a major Long Island casino with video slot machines is part of closed-door negotiations to expand casino gambling in New York, according to the head of the Nassau County Off-Track Betting Corp. and a legislative bill.
Corporation Counsel Michael Cardozo said the City cannot be called on to bail out the state’s public benefit corporations. The OTB filed a motion to withdraw its bankruptcy reorganization petition Wednesday, saying it plans to close.
The board approved letting several betting entities start the process immediately, which would dramatically reduce delays for bettors to sign up.
John Sabini, the state racing chairman, called an emergency board meeting to look at streamlining the process for New York City OTB bettors to quickly sign up for Internet betting on state-regulated sites.
The livelihoods of about 1,000 Off-Track Betting Corp. employees are caught in a political struggle in New York’s Senate, which is now weighing two rescue plans.
The OTB board agreed in an emergency session to wait until Tuesday’s special session of the state Senate to make a decision on a shut down.