OTB Lays Off 1,300 Employees

In the past the city's Off-Track Betting board has been accused of making "hollow threats," but yesterday it followed through, laying off 1,300 employees. It says that if Albany doesn’t come through with financial aid, it will be forced to board up all of its 66 gambling parlors. Gov. Paterson is in favor of deferring its $3.7 million in debt, reports the News, but legislators—mired in their own battle to close the state’s $9 billion budget gap—seemed ready to let OTB sink, criticizing it for poor management and “unconscionable delays” in handing over financial records. Assembly Speaker Sheldon Silver sounded final in his condemnation of the betting institution and its employees: "We cannot reach a three-way agreement on it to keep them afloat," he said, speaking of talks with the state Senate and the governor.

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By Sabrina Jaszi in News on March 27, 2010 9:50 AM

Comments [rss]

ANGRYGOD11

OTB loses money because it must kick a lot of money towards money-losing horse racing tracks upstate and your local bookie doesn't.

Manitoba

When they closed the C. Gardens one, there were literally dozens of 70+ year old Sicilians wandering Court Street aimlessly. Now they just run their bets through illegal mafia-run social clubs. Way to go NY State!

Snoopy

I'd rather see the money kept in the local community rather than ship it off to Albany.

whitecastlerock

OTB, MTA, what's the fucking difference-you all suck in your own special way

Snoopy

Turn the whole operation over to the mob and let them run it and get what ever you can.

phojoe

how do you have budget problems at OTB? they deserve what they get simply because they are such dumb asses.

Splicer

In this era of online or mobile everything, why is an anachronism like OTB still needed? If they want to keep a few open, let's say one in each borough and some sprinkled about each county, then that's fine. But they should be migrating this stuff onto an online system perhaps using PayPal or something akin to it to handle the transactions.