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Paterson Ready to Bail Out OTB
By
Jaya Saxena
Published Apr 14, 2010
Modified Apr 14, 2010
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By
Jaya Saxena
Published Apr 14, 2010
Modified Apr 14, 2010
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Gov. Paterson is planning to offer legislation today to bail out the Off Track Betting Corp. for one year. The Post reports the proposal would keep the OTB from having to make some payments to tracks, while requiring them to cut management and create new revenue sources. Paterson said, "It will address the problems for some period of time, but the feasibility of the program working, we have not found the solution. Basically what it does is it shares the burden."
However, a sneaky secret deal is also in the works within the OTB. The OTB and its major union, District Council 37, reportedly made a deal promising 20% pay hikes and severance packages if the union conceded to job reductions over time. The Daily News reports that this deal could ruin the state bailout plan by promising too much to workers. Assembly Racing and Wagering Committee Chairman Gary Pretlow said, "We can't afford it." If the state can't reach a deal today, the OTB will be forced to close by Sunday.
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off track betting corp
OTB
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