OTB

1,500 OTB Workers Will Report To Work Monday Morning; Legislative Action to be Taken up By Legislature Tomorrow

June 15, 2008 -- Today New York Governor David A. Paterson announced the details of the City and State agreement on an immediate State takeover of New York City Off-Track Betting (OTB).

OTB window, New York City: Photo by Adam Kuban (CC)    » read more »

April 15, 2008 -- New York Governor David A. Paterson, Senate Majority Leader Joseph Bruno and Assembly Speaker Sheldon Silver announced today that they have directed their staffs to work with Mayor Bloomberg and the New York City (NYC) OTB to craft a solution that would allow NYC OTB to continue operations. The Board of Directors of OTB voted in February to cease operations by June 16, 2008, at which date the Corporation will be insolvent and the City would be required to infuse cash into it in order to continue to operate.

OTB sign, Manhattan: Photo by swilkes (CC)    » read more »

OTB Expects to Run Out of Cash by June 2008 – Mayor Blocks First-Ever City Taxpayer Bailout for Betting Parlors

November 15, 2007 -- New York City Mayor Michael Bloomberg today announced that the New York City Off-Track Betting (NYC OTB) Corporation is facing a financial crisis and that the City will not inject additional funds into NYC OTB, particularly given the difficult economic times facing the City and the need to prioritize funding of essential city services like education, healthcare, infrastructure improvements and public safety.    » read more »