OTB Starts Handing out Pink Slips

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    NEWSLETTERS

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    Here come the pink slips.

    The city's Off-Track Betting Corp. laid off 35 non-union employees Friday as it launched a plan to return to long-term solvency.

    OTB Chairman Meyer "Sandy'' Frucher said the action will save $2 million a year.

    The OTB has been reorganizing its finances under bankruptcy court protection and had threatened to shut down twice in recent weeks, laying off all its 1,300 workers if state government didn't bail it out. Although Gov. David Paterson and the Legislature failed to agree on a plan, OTB came up with its own to continue for a year by cutting costs and delaying some payments.

    Frucher said the employees who were laid off will be eligible for a severance package. That will be worked out with labor unions and others and will apply to future layoffs, which will hit unionized workers.

    OTB plans to close some betting parlors and adopt more high-tech systems that will require fewer workers.