New York City Off-Track Betting shutting down

NYC's Off-Track Betting centers

March 26, 2010 6:38:02 PM PDT
Off-track Betting in NYC plans to shut down on August 11th. State officials have not agreed on a bailout plan for the corporation.

1,300 employees were given layoff notices on Friday.

Talks with state officials about allowing NYCOTB to delay $1 million in statutory revenue sharing distributions fell apart Friday.

Assembly Speaker Sheldon Silver reportedly said that other legislators wanted to go ahead with the bailout plan, while Governor Paterson had "difficulty with it."

Off-Track Betting had filed Chapter 9 bankruptcy back in December.