The death watch for NYCOTB
December 1, 2010,from Harness Tracks of America
Tucson, AZ — The clock is ticking, and once again down to the final hours before Friday’s closing of New York City OTB.
The Assembly has passed the legislation proposed by Gov. David Paterson that could save the battered organization, but the Senate, whose vote also is needed, has left the special session in Albany. Unless it returns and approves in the next 48 hours, OTB will close 44 shops and dismiss between 700 and 1,000 current employees, the precise number in dispute.
Gov. Paterson’s office says that OTB closing would trigger some $100 million in state liabilities related to bankruptcy claims, more than $500 million in pension and retiree health benefit costs, and unemployment for the employees. The governor’s office also said, “Failure to act on this legislation will impact the entire racing industry. New York City OTB manages approximately $750 million in handle, which would be eliminated upon closure.”
The Senate could return in two weeks, and there is a possibility Friday’s closing could be deferred until then in hope the body would then approve the governor’s legislation.
- NYCOTB might close…again (Monday, November 29, 2010)
The New York state legislature meets in special session on Monday with governor David Paterson pleading with them to pass his proposed New York City OTB legislation in the face of yet another threat to close down.
- NYCOTB says Friday is the end (Tuesday, November 30, 2010)
The New York City Off-Track Betting Corporation says it will close down this coming Friday after the New York Senate walked out of a special session without considering governor David Paterson’s reorganization plan.
- Cavalry late for NYCOTB (Friday, December 03, 2010)
The cavalry didn’t quite make it over the hill this time, and New York City OTB closed down today, just as the slow-riding New York Senate said it would return to special session Tuesday to continue “considering” the OTB’s reorganization and rescue plan.