DiNapoli Says I Told You So On OTB
February 25th, 2011

The Suffolk County Off Track Betting has taken the first steps to pursue filing for Chapter 9 bankruptcy. The move comes only two months after the city OTB closed its doors for good. Racing industry insiders worried that the closure of the city OTB could lead to the eventual destruction of New York’s racing industry in general because of the loss of income.That would mean the loss of thousands of jobs across the state, tourism dollars and revenue for the state.

Comptroller Thomas DiNapoli has issued a statement warning that the OTB system needs to be revamped and that his past warnings need to be heeded, and quickly. Here is his statement:

“Nine months ago, I released a report showing that the financial condition of the states Off Track Betting Corporations outside of New York City had substantially deteriorated over the past five years. I recommended several changes to keep these operations afloat, but they went unheeded.

First New York City OTB failed, and now Suffolk County Regional Off Track Betting Corp. is on the verge of filing for bankruptcy protection. Others will follow.
New York state has still not taken any substantive actions to bring back the bettors and fix OTB, a source of revenue for our hard-strapped municipalities and a support for the states horse industry.

Its clear OTBs current business model just doesnt work. Its time we make some much-needed changes and find a model that does.”

By on February 25, 2011, 4:04 pm
In category: Albany,Eye on Albany | 2 Comments »

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2 Responses to “DiNapoli Says I Told You So On OTB”

  1. leonardeuler Says:
    February 25th, 2011 at 11:11 pm

    Each and Every OTB and the New York Racing and Wagering Board should be ashamed and ridiculed for failing to ask the New York State Attorney General for a FREE Formal or Informal Opinion which would tell them that they can open on Palm Sunday and Each and Every Easter Sunday because NY PML Sec 105 does not apply to the OTBs and is unconstitutional. Our Governor seems to believe religion is a private matter and yet he has done nothing to see that all NY OTBs are open on Palm Sunday and each and every Easter Sunday when tracks are running across the United States that we want to bet. Workers that observe said holidays are free to take vacation and those that wish to work are free to work. Better to work or take vacation now before all the OTBs burn in Chapter 9 hell with the small fry getting fried first. Freedom to do as you please. Seems simple. New York City OTB will be fondly remembered only for having a bit of common sense and asking their attorney for an opinion and opening on Palm Sunday and Easter Sunday and making money. All those employees who are now unemployed might have enjoyed or bet the double time they would have made by working on those Sundays. Alas.

  2. Schweigart Violett Says:
    March 25th, 2012 at 3:20 pm

    Hi, I do think this is a great web site. I stumbledupon it ;) I am going to return once again since I book-marked it. Money and freedom is the greatest way to change, may you be rich and continue to help others.

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