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 is a serious problem that needs in-depth examination. If the goal is to keep OTB viable, serious consideration must be given to changing the mandated state formulas and restructuring operations to coordinate different aspects of the racing industry.

He added: "Inaction will mean insolvency."

The State took over New York OTB–the off-track betting corporations are regional, independent entities–in 2008. Paterson installed Sandy Frucher to lead the corporation earlier this year. Officially, OTB in New York City Is Not Viable