NEW YORK --
New York City Off-Track Betting Corp.'s 1,300 workers will have jobs Monday under a new emergency plan announced Saturday, but cuts are planned as the gambling parlor operator seeks a longterm solution to its fiscal crisis. OTB Chairman Meyer "Sandy" Frucher says the city OTB will seek a permanent fiscal plan in cooperation with the racing industry, the New York Racing Association that runs thoroughbred tracks, the unions, the harness tracks and state government.
The city OTB was scheduled to shut down Sunday, following a week in which its board failed to negotiate a deal with the unions, Gov. David Paterson and the state Legislature.
Instead, OTB will manage its cash flow to juggle bills with payroll and other costs.
The OTB takes $1 billion in bets annually.