NYC OTB: Court dismisses bankruptcy case..

[freddymo]

Originally Posted by classhandicapper

I am very informed on this issue and Crist pretty much has the entire story correct.

In a perfect world there would be one OTB corporation in the state that is given more freedom to operate itself like a business instead of being regulated to death by imbeciles that don't know anything about racing and being used as a political patronage dumping ground. However, there is still a role for branches in this industry. So there's no reason to liquidate NYCOTB, stick the state with all the pension and health care liabilities for former employees, and lay off 100 employees. The goal should be to fix it and eventually merge all the OTBs.

I am assuming then you can you expand upon why this 12mil surcharge which seems to be the white elephant is accounted for as such and please feel free to apprise us why the Crist/Heggarty simple accounting resolution couldn't keep NYCOTB out of bankrupcy?

BTW I don't doubt Crist and Heggarty hearts are not in the very best of place..I find it "simply" silly that if the fix to solvency was so simple it would not have been mandated a long long time ago!

Perhaps since you are so well versed you can expose the legal/GAP flaws in the bankruptcy judges decision and then feel free to expand on why the judges decision was not appealed by creditors that have millions owed to them, especially the Rooney's who have the financial resources to easily contest any decision that was so simply incorrect.

I certainly dont suggest I am well versed on the NYCOTB situation, but if someone owed me 40 mil I might invest in a few professionals to unearth a simple accounting irregularity, especially since well respect Steve Crist and matt Heggarty already did the footwork and were 100% correct..How about you?

[Alan07]

NYRA: Regional OTB Provisions Will Harm The Tracks

The New York Racing Association, Inc. (NYRA) announced today that the provisions being sought by the regional off-track betting corporations (Regional OTBs) as part of the legislation to permit New York City OTB (NYC OTB) to emerge from bankruptcy would force NYRA into bankruptcy once again.

The legislation being sought by the Regional OTBs would reduce NYRA’s revenues from the regional OTBs in excess of $11 million. When combined with the revenue reductions provided to NYCTOB pursuant to the re-organization plan, NYRA’s revenues would be reduced by more than $20 million.

"NYRA cannot sustain a revenue reduction of $20 million and continue to operate the three racetracks" said NYRA's President and CEO Charles Hayward. "The consequence of the legislation being advocated by the Regional OTBs is that NYRA would be forced to close."

[Alan07]

An idea if NYCOTB closes shop!
http://twitpic.com/13yqba/full

[randallscott35]

Originally Posted by Alan07

An idea if NYCOTB closes shop!
http://twitpic.com/13yqba/full

Why does the rat from Jersey have to be losing? Upsetting.

[Alan07]

NYC OTB Bill May Not Get To The Senate Floor:
Read more: http://www.nydailynews.com/blogs/dai...#ixzz17S8OnpaS

Skelos: OTB will fail because three Dems are missing

[freddymo]

Originally Posted by Alan07

NYC OTB Bill May Not Get To The Senate Floor:
Read more: http://www.nydailynews.com/blogs/dai...#ixzz17S8OnpaS

Skelos: OTB will fail because three Dems are missing

Some special stuff...
Seems to me the rabbit is going to have to draw another line on the ground

[freddymo]

http://www.nyra.com/aqueduct/stories/Dec072010.shtml

Basically, NYRA is willing to take the hit on the NYCOTB debt if they get to keep the NYCOTB's customers. At least that is my understanding of the issue.

It looks like pandora's box has been opened..

[Alan07]

The NYC OTB bill has been reported out of committee and is heading to the NY Senate floor. It does not appear to have the votes to pass.

[parsixfarms]

Let's see what happens now, as OTB bill fails in Senate: http://www.timesunion.com/local/arti...ent-866442.php

If this is how the new Senate Republican majority is going to treat racing, it'll be more of the same old Albany games.

[Kasept]

STATEMENT OF RWB REGULATOR JOHN SABINI ON NYS SENATE OTB VOTE

New York State Racing and Wagering Board Chairman John D. Sabini issued the following statement today in reaction to the defeat of legislation by the New York State Senate that would have provided immediate relief to the New York City Off Track Betting Corp.:

“A pebble hitting the water causes a ripple – but this is a boulder hitting the pond. The $840 million in total handle reported by New York City OTB in 2009 represented nearly 40 percent of New York’s total racing handle of $2.2 billion. Now, not only will NYC OTB workers lose their jobs, but every segment of the racing industry – from feed store owners to horsemen to those who board the equine athletes – will feel negative consequences. Every county in New York State will experience an adverse impact.

“New York racing is a premier product nationally. It is critical that each segment of the industry look long and hard at their role at making the sport adapt to the entertainment and economic realities of 2011. The Racing and Wagering Board will conduct a meeting at 12 p.m. noon tomorrow, December 8, at our Schenectady office to consider emergency measures to allow our stakeholders to better adapt to the market realities in a post NYC-OTB environment.”

Where is teh Santa?

[freddymo]

Originally Posted by Kasept

STATEMENT OF RWB REGULATOR JOHN SABINI ON NYS SENATE OTB VOTE

New York State Racing and Wagering Board Chairman John D. Sabini issued the following statement today in reaction to the defeat of legislation by the New York State Senate that would have provided immediate relief to the New York City Off Track Betting Corp.:

“A pebble hitting the water causes a ripple – but this is a boulder hitting the pond. The $840 million in total handle reported by New York City OTB in 2009 represented nearly 40 percent of New York’s total racing handle of $2.2 billion. Now, not only will NYC OTB workers lose their jobs, but every segment of the racing industry – from feed store owners to horsemen to those who board the equine athletes – will feel negative consequences. Every county in New York State will experience an adverse impact.

“New York racing is a premier product nationally. It is critical that each segment of the industry look long and hard at their role at making the sport adapt to the entertainment and economic realities of 2011. The Racing and Wagering Board will conduct a meeting at 12 p.m. noon tomorrow, December 8, at our Schenectady office to consider emergency measures to allow our stakeholders to better adapt to the market realities in a post NYC-OTB environment.”

tear

[herkhorse]

http://www.youtube.com/watch?v=KS2khYJZKwA

[richard]

This should be a call for 21st century improvements to wagering . What about the idea of co-mingling races, harness and flat , within the Quik Draw channel ? Or a daily pick 9 lotto on race days ? The bets should be, as I read here before, exclusive to these bets . Like the pick 9 should be all 4 th place horses, something the tracks don't offer . Maybe a reverse super , or exacta or tri for the daily races or pick the exact order of finish for all the runners .

You've got wifi, internet, phones to access all standard wagers. There are solutions .

[Alan07]

Statement from Governor David A. Paterson

http://readme.readmedia.com/Statemen...terson/1792788

[Storm Cadet]

Thats some statement from his press office: maybe what he should have stated was I am sorry as well as the past three administrations for dicking along the VLT's for NYRA for 10 years assisting to the decaying state of racing and the 1,026 employees of NYC-OTB.

Originally Posted by richard

This should be a call for 21st century improvements to wagering . What about the idea of co-mingling races, harness and flat , within the Quik Draw channel ? Or a daily pick 9 lotto on race days ? The bets should be, as I read here before, exclusive to these bets . Like the pick 9 should be all 4 th place horses, something the tracks don't offer . Maybe a reverse super , or exacta or tri for the daily races or pick the exact order of finish for all the runners .

You've got wifi, internet, phones to access all standard wagers. There are solutions .

And more fluff pieces on decent looking women buying their first pony.

[richard]

tale of the handle @ Aq
1st race today $277,027...Thursday 12/2 $353,256
2nd $450,437...$447,214
3rd $483,541...$538,156
4th $506,269...$595,284
5th $710,782...$680,870
6th $635,790...$575,389

total handle for 12/2 was on track $475,393
intr-state $1,350,069
inter-state $3,832,800

total 12/8 on track $483,235
intra state $862,361
inter state $4,040,287

total 12/9 on track $536,360
intra state $822,361
inter state $3,883,443

http://www.thoroughbredtimes.com/nat...migrating.aspx

[Kasept]

New York hearing will explore merging regional OTBs into one entity
By David Grening

In the wake of the shutdown of New York City Off-Track Betting Corp., a hearing will be held next week to explore the possibility of merging the state's five remaining regional OTB's into one entity. Assemblyman J. Gary Pretlow, the chairman of the Committee on Racing and Wagering, has called for the hearing, which will be held Wednesday in Albany.

"The purporse of this hearing is to evaluate the economic impact on merging all of the regional OTB corporations into one single entity in order to cut duplicable adminstrative and operating expenses, maximize the benefit these entities were originally created to provide, and to ensure that the quality of New York's racing product remains intact," Pretlow said in his notice of the public hearing.

Many in the racing industry have long called for the consolidation of New York's OTB system, but given that the system has been a haven for political-appointed jobs, the matter has never advanced.

In recent legislation put forth by Senate Republicans, the five regional OTBs were seeking similar concessions from the racing industry and state that would have been provided to New York City OTB in legislation passed by the Assembly, which has been in bankruptcy since December 2009. Among those concessions were reductions in payments to state and local governments as well as to the racing industry.

The New York Racing Association, whose races the state's OTB network needs to survive, claimed that passage of the Senate Republican bill -which never made it to the floor for a vote - would have put NYRA out of business.

[freddymo]

Originally Posted by Kasept

New York hearing will explore merging regional OTBs into one entity
By David Grening

In the wake of the shutdown of New York City Off-Track Betting Corp., a hearing will be held next week to explore the possibility of merging the state's five remaining regional OTB's into one entity. Assemblyman J. Gary Pretlow, the chairman of the Committee on Racing and Wagering, has called for the hearing, which will be held Wednesday in Albany.

"The purporse of this hearing is to evaluate the economic impact on merging all of the regional OTB corporations into one single entity in order to cut duplicable adminstrative and operating expenses, maximize the benefit these entities were originally created to provide, and to ensure that the quality of New York's racing product remains intact," Pretlow said in his notice of the public hearing.

Many in the racing industry have long called for the consolidation of New York's OTB system, but given that the system has been a haven for political-appointed jobs, the matter has never advanced.

In recent legislation put forth by Senate Republicans, the five regional OTBs were seeking similar concessions from the racing industry and state that would have been provided to New York City OTB in legislation passed by the Assembly, which has been in bankruptcy since December 2009. Among those concessions were reductions in payments to state and local governments as well as to the racing industry.

The New York Racing Association, whose races the state's OTB network needs to survive, claimed that passage of the Senate Republican bill -which never made it to the floor for a vote - would have put NYRA out of business.

They had better figure out who is coming up with 600 mil in liablity instead of worrying about were people bet. Sure you want to figure out something that makes some sense ,but unless they get a handle on the 600 mil owed out by NYCOTB then that polictical football will be fun and games for a long time..I can just imagine the letters to the editor by irate citizens that suggest that they have to pay 600mil for horse denegerates. My bet, excuse the pun, is a brandy knew casino in Ozone Park will be tapped by policticans to defease the new liablities.