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By Jimmy Vielkind 9/01/09 8:03pm

OTB Will Be Restructured in Bankruptcy Court

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 Read More

By Jimmy Vielkind 8/14/09 2:29pm

Officially, OTB in New York City Is Not Viable

ALBANY—As expected, a just-released audit by State Comptroller Tom DiNapoli shows that the New York City OTB is broke.

"New York City OTB is on very shaky financial ground," DiNapoli said in a statement. "Even if cost-savings measures are implemented, it's unlikely that it will remain financially solvent for long. This Read More

Across the Wire

  • Changes

    New York Magazine Tests New Homepage Design

  • Manhattan Transfers

    Ellen Biddle Shipman's Beekman Place Townhouse House Fetches $35 M.

  • Up & Down the Street

    The Return of Wall Street’s Cassandra: In Armani and Pearls, Meredith Whitney Smacks Back

  • Naked Ambition: Paul McCarthy Takes the Park Avenue Armory

  • Race to Gracie Mansion 2013

    55% of New Yorkers Can't Name a Single Mayoral Candidate

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