NYC OTB: Court dismisses bankruptcy case..

[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."