NYC OTB: Court dismisses bankruptcy case..

[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.

[rkinnin]

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.

Steve, will you be attending the hearing??

[Kasept]

Originally Posted by rkinnin

Steve, will you be attending the hearing??

Hadn't initially thought about going, but depending on what time it starts, I will.

Was amused to see the Republican Senate group announce their own 'Future of NY OTB + Racing' commission. I guess they forgot there was one of these 18 months ago whose report is sitting on a shelf in Albany having never been.acted upon. Laughable.

[pointman]

Originally Posted by Kasept

Hadn't initially thought about going, but depending on what time it starts, I will.

Was amused to see the Republican Senate group announce their own 'Future of NY OTB + Racing' commission. I guess they forgot there was one of these 18 months ago whose report is sitting on a shelf in Albany having never been.acted upon. Laughable.

What a joke this whole thing is. Of course, once again, at the end of the day, NYRA and the horseplayers get screwed. The fact that there is no signal being broadcast to NYC residents and that most, like I, have Time Warner Cable, means that we have no television signal to now watch racing at any racing venue or any options to obtain one. One would think that the morons in Albany would have at least given NYRA the right to broadcast in OTB's absence, obviously, this issue went over their head. I know that I didn't bet at all this weekend and can't imagine I am anywhere near alone or how much per day this is costing NYRA. While I have a NYRA account it is virtually worthless considering that NYRA statutorily cannot broadcast its own signal. Anyone know if there is any news on what is going on with the signal or do we just have to see a two screen message telling people how to empty their OTB accounts until the greedy little pigs in Albany figue out how to stop bleeding this industry dry.

[parsixfarms]

In an incredibly petty act symbolic of how ridiculous the OTB structure in New York is (as a direct, parasitic competitor of the tracks), during the mid-point of NYRA's Talking Horses segment when a "commercial" is aired touting the benefits of the NYRA Rewards program, on both Saturday and Sunday, the fine folks at Capital OTB decided to "write over" this portion of the program to air a promo for its own Capital Bets platform.

If the legislation advocated by the Senate Republicans/regional OTBs had passed last week, it would have dealt a body blow to the racing industry in New York. Now that they have informed everyone that they care far more about their continued (relatively useless) existence than they do about a healthy racing industry in New York State, everyone that wants a healthy industry in New York should stop doing business with them.