NYC OTB: Court dismisses bankruptcy case..

[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.”

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