The Triple Crown will have its last jewel this year, despite belt-tightening at the New York Racing Association. NYRA’s board of directors voted yesterday to hold the 141st edition of the Belmont Stakes this spring. The agency’s president had warned earlier this year that the event might have to be canceled because of budget cuts. [...]
The state-owned OTB filed for Chapter 9 late last year, the part of the federal bankruptcy code that covers municipalities, to avoid being forced to liquidate. It is currently undergoing a court-supervised reorganization. OTB officials said they were working with the state legislature to find a solution but noted they had been told it would [...]
The City’s Off-Track Betting Corporation is in serious financial trouble and faces the threat of going out of business. State Comptroller Tom DiNapoli released an audit that shows OTB has suffered ballooning losses over the last four years, despite taking in about $1 billion in bets annually. DiNapoli said even if OTB finds a way [...]
The Off-Track Betting Corporation is about $46 million in debt and is considering bankruptcy, according to the New York Post. Mayor Michael Bloomberg turned over the money-losing OTB operation to the state in June 2008. The state takeover has failed to stop the financial hemorrhaging. The Post says the fallout from a bankruptcy filing could [...]
Nassau and Suffolk OTB’s, which were part of a lawsuit started five years ago to lower their payments to harness tracks, finished out of the money in the state’s highest court — and now face a nearly $10-million bill at a time when the handle is way down. A state Court of Appeals ruling in [...]
The state takeover of the financially beleaguered New York City OTB has failed to stop the hemorrhaging, the Daily News has learned. “New York City OTB experienced significant fiscal challenges prior to the state takeover, and many of these challenges are continuing,” said state budget division spokesman Jeffrey Gordon. NYC OTB reported a whopping $76.5 [...]
Lawyers for the New York Racing Association are going to court to ask a judge to help them get out of bankruptcy. NYRA, which holds the state’s franchise to run thoroughbred racing at Aqueduct, Belmont and Saratoga race tracks, has filed for Chapter 11 bankruptcy protection but was expected to emerge from it earlier this [...]
A state panel that monitors New York Racing Association is expected today to approve another temporary franchise extension to help NYRA get out of bankruptcy. On Feb. 13, the state granted NYRA a new 25-year contract to run Saratoga Race Course, Belmont Park and Aqueduct, but it still hasn’t become official because of complicated legal [...]
Gov. David A. Paterson and the State Legislature did not reach an agreement on Thursday on a plan that would rescue New York City’s Off-Track Betting Corporation before Sunday, when Mayor Michael R. Bloomberg is scheduled to shut down the city’s 60 betting branches. The OTB was one of several issues on the table during [...]
