New York City OTB remains open
April 12, 2010,by Paul Ramlow, USTA Internet News Manager
Columbus, OH — The New York City Off Track Betting Corporation decided to postpone yesterday’s planned shutdown by one week, after citing that progress has been made on its fiscal problems.
The decision means the corporation’s 1,300 employees still have their jobs, at least temporarily.
In a quote published in The Saratogian, New York Thoroughbred Breeders Inc. President Barry Ostrager said, “Maybe we can get the state to figure out which end is up in the extra week our elected officials now have.”
The New York State Legislature and Governor David Paterson are discussing a plan to waive a percentage of payments to the racing industry for a year. The OTB has threatened to shut down and layoff its workers unless a plan is approved that includes stripping some of the fees that it pays to the state’s racing industry.
According to the paper, Governor Paterson’s plan to save OTB calls for a 48 percent reduction in payments to thoroughbred breeders and harness tracks. The New York Racing Association would take a 15 percent cut in OTB revenue.
Ostrager went on to say that he believes key state lawmakers such as Sen. Eric Adams and Assemblyman Gary Pretlow will try to reduce the Governor’s proposed cuts. Adams and Pretlow chair the Racing, Gaming and Wagering committees in their respective houses.
It has also been reported that the state Senate wants to impose a 1 percent surcharge on all winning bets that it says would keep reductions to 15 percent across the board.
- SOA of New York conditionally supports NYCOTB plan (Wednesday, March 17, 2010)
SOA of New York President Joseph Farlado outlined support for a plan to restructure the New York City Off-Track Betting Corporation.
- Harness horsemen reinforce support for Pretlow proposal (Monday, March 22, 2010)
In response to today’s bankruptcy court ruling to uphold the proposed bankruptcy of New York City Off Track Betting, the Standardbred Owners Association of New York reinforced their support for a restructuring proposal released last week by NYS Assembly Racing & Wagering Committee Chairman Gary Pretlow.
- Faraldo calls for no short term bailout of NYCOTB (Thursday, April 08, 2010)
The SOA of NY president feels it would do long term damage to the New York State harness racing industry.
- NYC OTB aid plan collapses (Thursday, April 15, 2010)
As of right now help for desperate New York City OTB is gone.
- Racing Board moves to protect NYC OTB patrons (Friday, April 16, 2010)
The New York State Racing and Wagering Board is closely monitoring the planned closure of the New York City Off Track Betting Corp.
- NYC OTB to remain open for another year (Monday, April 19, 2010)
An interim plan was announced over the weekend that would keep New York City OTB open and alive for another year.