Goodbye New York City OTB?
April 14th, 2010
Gov. David Paterson is blaming legislators for what looks like will be the end of bankrupt New York City Off Track Betting. Paterson submitted legislation that would have kept the entity on life support for the time being but the legislature left town after session today without acting on the bill and is not expected back until Monday. The OTB was set to layoff thousands of workers least Sunday but the action was delayed to allow negotiations to take place. Those negotiations seem to have collapsed.
Here is Paterson’s statement.
“Today, after weeks of intensive negotiations with Senate and Assembly leadership, I submitted agreed upon legislation that provided for an interim solution to keep New York City Off-Track Betting Corporation (NYCOTB) operating. This plan included no additional commitment of taxpayer dollars. However, the Legislature adjourned before acting on the bill.
“The Board of Directors of NYCOTB resolved to cease operations no later than close of business April 18, absent action by the Legislature to solve the Corporation’s immediate cash flow problem by making adjustments to payments to the industry. Given that stakeholder disagreement prevented this legislative action, I expect the board will carry out its planned shutdown as reflected in its resolution.
“Consequently, the closure of NYCOTB will have a profound impact on the 1,300 employees and their families. I am deeply saddened that we could not find a workable solution during this fiscal crisis to save any of these jobs.
“I will continue to work with my legislative partners and the stakeholders to keep racing viable in New York State.”By David King on April 14, 2010, 5:04 pm
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