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Paterson Bails Out NYC Off Track Betting

From the New York City CBS radio affiliate 1010WINS:

Governor Paterson Plans to Offer Legislation to Bail Out NYC Off Track Betting Corp.

April 13, 2010

ALBANY, N.Y. (AP/1010 WINS)  — Gov. David Paterson plans to offer legislation Wednesday to bail out the troubled New York City Off Track Betting Corp. for a year.

Now owned by the state after years of fiscal troubles as a public benefit corporation in city government, New York City OTB is in bankruptcy court to reorganize and deal with its debt.

Paterson said the proposal would keep OTB from having to make regular dark day payments to tracks, create some new revenue sources, require cuts in management and consultant expenses and establish an early retirement and severance provision for workers.

He said it would advance revenue to keep the New York Racing Association afloat through its summer thoroughbred racing season at Saratoga and Belmont, which would be repaid from receipts anticipated from a future racino [sic] at its Aqueduct track. The measure would also institute a 15 percent across-the-board cut in OTB payments to NYRA, breeders and tracks for a year…

On Friday, the OTB’s board voted to suspend for a week the deadline for shutting parlors and laying off 1,300 workers while Paterson and lawmakers try to solve its cash-flow problems.

"We have a plan to keep OTB afloat for anothe [sic] until we can make some permanent decisions about how to restructure," Assembly Speaker Sheldon Silver said Tuesday…

For the record, these state-run off-track betting operations are just another method of redistributing the taxpayers’ dollar.

The vast majority of the bettors at OTB sites are gambling using welfare checks, disability checks and other ‘safety net’ sources of income.

But betting on the ponies is probably another ‘inalienable right’ soon to be discovered in the Constitution.

This article was posted by Steve on Wednesday, April 14th, 2010. Comments are currently closed.

9 Responses to “Paterson Bails Out NYC Off Track Betting”

  1. GetBackJack says:

    Sweet babbling buddha … when you can’t even fleece the people at a profit ….

  2. GL0120 says:

    This is certainly an excellent way to redistribute wealth.
    With the majority of the bettors being low income, they likely aren’t paying taxes so the “Gov” (My apologies to Mel Brooks) simply ups state taxes to take money away from the non bettors and hands it to the bettors.
    Why bother with the sham of having actual races, just present your state issued ticket at the window and collect your winnings, no one loses!

  3. BobonStatenIsland says:

    Like the Mustang Ranch, only the Government can ruin a business that is normally a cash cow.

  4. Reality Bytes says:

    Government can’t even break even with a gambling operation. And we let them make law. Think about it.

  5. GetBackJack says:

    Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken US editor (1880 – 1956)

  6. xdannyh says:

    My o My: I know Reality Bytes and BobonStatenIsland have already said it but I just gotta put in my two cents. When the Mob wants to make money they do it thru prostitution and gambling, and they seem to do very well at. But as in the case of Nevada and now NY the boneheads in government can’t turn a nickel of profit from these endeavors. So of course give them Health care…….Help…… Stop the world I want to get off!

  7. Helena says:

    “But betting on the ponies is probably another ‘inalienable right’ soon to be discovered in the Constitution.”

    Whut the heck you talkin’ about? Hell yes, it’s in the constitution! “The pursuit of happiness!”

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