New York City’s Off Track Betting Corp. on the brink
New York City’s Off Track Betting, which filed for bankruptcy reorganization last month, may have to shut its doors in March. It is hoped the reorganization process can still spur some financial backing from the state, city and agency partners.
Cash flow has been a on-going issue over the past year. In 2008 New York City’s Off Track Betting threatened to close which spurred the state into action then and bailed the then distraught business out of the ringer. Over the years it has been of scrutiny of the run down parlors and lack of upkeep making the appearance dingy and covered with graffiti. It is uncertain as to how the restructuring would benefit the state. OTB claims that between the money that goes out to the agency and the government there has been little left to put back into the business and update it to modernization.
The shut down of the track would mean the layoff of almost 1500 employees, also leaving the state with pension obligations to those employees as well as benefits expenses. Restructure would emphasize putting cash back into it but will require help from private investors to get OTB righted on the positive track.
New York Off Track Betting has an appeal of audiences from rich to poor and young and old. At this point it’s fate will be determined by the state.
Off-track betting refers to sanctioned gambling on horse racing outside a race track.
Leave a Reply
You must be logged in to post a comment.