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#1
12-04-2010, 09:43 AM
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Crist raises plenty of intelligent, cogent, and well thought out points as usual.. I wonder if it really does matter what happens to NYCOTB?
It's a dinosaur within 10 years the need for brick and mortar betting establishment will be over. In all fairness to the workers it would be smarter to phase the operations completely out over the next 3 years. Then perhaps all interests could be managed? Let's face it, in 9 months when the VLT money starts to flow NYRA and the NY Racing industry will be the "new" land of racing Milk and Honey. The State nor anyone else racing in NY will give a dam about national change. All involved in the sport, as well as, the State will garner the fruits of the slot players losing money. The question araises what motivation will anyone racing in NY have to get behind the issues that besiege racing nationally, when there MDN Spls will be 85k and there 15 claimers will be racing for 50k? Anyone think NY horseman are going to support less racing or stronger restrictions with 700k being given out daily? 
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#2
12-04-2010, 02:02 PM
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I completely get the rationale behind this plan given the current situation. However, if you consider the precedent that it sets as far as "financially struggling" OTBs reducing payments to the industry and if you read between the lines of the statements coming from the Senate Republicans, the other regional OTB corporations are soon going to be asking for similar reductions in statutory payments to the industry. If that happens, in a roundabout way, a portion of the money from the Aqueduct racino deal that was earmarked for the racing industry will just end up going back to OTBs/government.
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#3
12-04-2010, 02:51 PM
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Quote:
Even with Sandy Frucher out of the picture, this entire episode gets back to his initial concept to skim more of the rake in OTB's direction. The reason it's important to keep the corporation intact temporarily, is for the thoroughbred/harness entities to get the ADW and phone accounts in their control and to buy time to re-organize the brick and mortar aspect for the future. But do not forget that OTB's entire premise was a ruse from word go. And of course to your very valid point, one of the things Frucher was counting on was the argument that NYRA and the harness tracks didn't need as much from NYC OTB because of the alternative gaming revenue.
__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984.
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#4
12-04-2010, 02:20 PM
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Quote:
__________________
"I don't need nice horses at Philly, just ones with conditions."---Cannon Shell 
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#5
12-04-2010, 04:57 PM
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Quote:
I like Favorites in Woodbridge/Fords.. It's new the food and drink are OK and draws a decent crowd. I don't think there will be a need for it in 10 years.. The only good thing about 38th and 7th is Arno's across the street for lunch. Who is going to be going to Aqueduct to watch racing regardless of how nice it is? i dont see it, but I hope I am wrong.
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#6
12-04-2010, 05:50 PM
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Important NYCOTB Update from NYTB
Friday, December 3rd, 2010 NYCOTB Update from NYTB Board President Barry Ostrager and NYTB Executive Director Jeff Cannizzo Dear Breeders, We are sure you have been following recent headlines about developments in the legislature involving the New York City Off-Track Betting Corp. (NYCOTB) bankruptcy. Even though the situation is still extremely fluid to say the least, we would like to give you an update and outline some of the contingencies. When the New York State legislature met in special session early this week, the House approved the legislative changes included in the current NYCOTB restructuring plan (the same plan already approved by the bankruptcy court and creditors’ committee). The Senate, however, did not take any action. NYCOTB then resolved, by the unanimous vote of its board, to close down on Friday December 3. It was then announced on Thursday that the Senate would convene for another special session on Tuesday, December 7, when it might address the issue. Initially it appeared that NYCOTB was still going to go forward with the planned shutdown, but late Friday afternoon the corporation said that it would stay open until midnight on Tuesday, December 7 to see if the Senate would pass the bill when it returned. According to Governor Paterson, in a statement also released late this afternoon, “Because such costs [of closure] far exceeded the liabilities of rent and payments to the workforce, the Board concluded that it would give the Senate one last chance to pass a restructuring plan. While the Board extended this time, it has publicly pledged that this will be the last opportunity for reorganization before the corporation will close down.” NYCOTB Chairman Larry Schwartz fully endorsed this statement in a statement of his own released this evening. The NYTB Board, our lobbyist and the two of us have been grappling with this problem now for over a year. The issues are complex, and growing moreso by the minute, but we can outline the main implications for breeders of various contingencies. Contingency #1: The Senate does not pass (or fails to take action) on the bill on Tuesday. NYCOTB then closes its doors next Tuesday at midnight. •Fund Revenue. The Fund would immediately lose 40% of its revenue from its single largest revenue source. Theoretically some of the NYCOTB account holders and parlor bettors would return to the race track, which could offset the immediate loss, but the extent to which this might take place is utterly unknown. •ADW Wagering. The single most important issue at this juncture would be for New York State to protect its ADW account holders to keep them wagering in New York. Losing NYCOTB ADW account holders to ADWs operating outside the state would be the worst case scenario for every industry shareholder. If, however, NYCOTB ADW account holders can be transitioned over to NYRA Rewards, the long-term outcome would be positive for the Fund, because the Fund participates in a larger share of the revenue from NYRA players than it does from NYCOTB players. •NYCOTB debt. Industry creditors would receive nothing from the bankruptcy, but it is uncertain whether the city or the state would be liable for any or all of the debt. Contingency #2: The Senate approves its own bill (S8520). •In the Senate Republicans’ new NYCOTB bill, the Fund will be treated as in the previous bill passed by the House (Contingency # 3, below as it relates to the Fund). There will be some additional changes. •The modified bill would, however, need to be approved by the House, which is not scheduled to come back into session this year. Contingency #3: The Senate approves the restructuring plan “as is” and NYCOTB can remain open for business. Please note that as of this moment the Senate does not appear to have the 32 votes needed to pass the bill. •Fund Revenue. Under the restructuring plan being considered, the Fund is protected. Going forward, the Fund would continue to receive revenue at current rates. •ADW Wagering. ADW operations would move from NYCOTB to the track creditors. Each of those bets would be treated as an “on-track” wager based on the venue where the race is run. The Fund receives a larger percentage of revenue from on-track wagers than on wagers from NYCOTB account holders. •NYCOTB debt. NYCOTB would pay the remaining creditors with whatever money they have left after the bankruptcy. Obligations to Fund include both pre-petition debt (i.e. debt from 2009) and 2010 “deferred” revenue. The Fund could recover anything from pennies on the dollar to nothing at all. Contingency #4: The Senate does not pass (or fails to act on) the bill on Tuesday and NYCOTB comes up with a new restructuring plan to present to the bankruptcy court and creditors which does not involve statutory changes (and therefore would not require legislative approval). NYCOTB could petition the court to release them from their union and lease contracts or find some other strategy that would allow them to stay open, but at this point any speculation on the provisions or timeline of this plan would be pure guesswork. It would be hard to overstate the negative impact on the Fund if NYCOTB should shut down on Tuesday. As outlined above, closure would mean the immediate loss of 40% of Fund revenue, with further ramifications down the line should in-state bettors migrate to wagering outlets in other states. I urge you to contact your NYS Senator immediately and make clear what a devastating blow it would be for breeders if they should fail to pass (or act on) the bill now before them. Please impress upon your senator that we would support any legislation that keeps NYCOTB open and does not negatively impact Thoroughbred breeders. To locate your Senator, click here for a link to the NYS Senate contact page. Obviously we will keep you posted on all developments. Sincerely yours, Barry R. Ostrager Board President, NYTB Jeffrey A. Cannizzo Executive Director, NYTB
__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984.
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#9
12-04-2010, 08:44 PM
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Quote:
__________________
"I don't need nice horses at Philly, just ones with conditions."---Cannon Shell
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#10
12-06-2010, 03:57 PM
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This was fairly predictable: http://blog.timesunion.com/capitol/a...-nyc-otb-plan/
How much would the extension of the NYCOTB concessions to the regional OTBs cost the racing industry?
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