Time to cash out, boys: After decades of loose gambling on fast horse races, the Off-Track Betting Corporation announced that all New York City operations would cease. The industry had been suffering from slow profits, and the failure of a support bill in the State Senate rung the death knell for the symbol of Old Read More
ALBANY—David Paterson just announced that, within two months, the New York City Off-Track Betting Corporation will file a restructuring plan in federal bankruptcy court. The corporation loses money and has accumulated over $220 million in debt.
The corporation is statutorily obligated to send a portion of its winnings to support municipalities and other Read More
David Paterson announced that the state will take over the city’s unprofitable Off-Track Betting operation, and confirmed reports that State Senator John Sabini will leave his seat to become the head of the state’s Racing and Wagering Board.
“We have a looming crisis right here in New York City,” Paterson said. “Because of a Read More
Horseplayers who bet the ranch—or the condo—on Big Brown in last Saturday’s Belmont Stakes may not be the only losers in New York. The city is on the verge of shutting down the Off-Track Betting Corp. because of a disagreement between City Hall and Albany over distribution of revenues to the state and to the Read More
