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OTB Will Close Unless Albany Comes to Rescue
By
Jaya Saxena
Published Mar 23, 2010
Modified Mar 23, 2010
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By
Jaya Saxena
Published Mar 23, 2010
Modified Mar 23, 2010
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The Off-Track Betting board voted to close all 66 of its locations on April 11th, unless funding from Albany comes in. Their closing would put 1,300 OTB employees out of work, and Leonard Allen, president of Local 2021, tells the Daily News, "[OTB workers] feel like they're on death row, waiting for an execution."
The OTB filed bankruptcy in December, citing debts of nearly $100 million. Over $15 million of that is owed to the New York Racing Association, which opposed the filing. However, a judge ruled yesterday that OTB can continue with the filing, saying they filed in "good faith," according to BusinessWeek. Now legislators are looking over a proposal that would reduce the share of betting profits owed to the racing industry.
On top of the payment reduction, OTB Chairman Meyer (Sandy) Frucher wants to borrow $250 million to put betting kiosks in bars to up revenue. But even though he swears they're good for the money, Albany doesn't seem to excited about the plan. Assembly Racing and Wagering Committee Chairman Gary Pretlow (D-Westchester) said,"We're trying to get them to submit a real organization plan. We are not approving the plan that Mr. Frucher has submitted. I don't think it's workable."
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Albany
bankruptcy
betting
debt
gambling
horse racing
OTB
Jaya Saxena
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