Paterson Has a Plan to Bail Out OTB

Wednesday, Apr 14, 2010  |  Updated 7:15 AM EDT
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Paterson Has a Plan to Bail Out OTB

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Off-Track Betting parlors like this one in Manhattan are seeing fewer customers because of the tough economy.

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Gov. David Paterson plans to offer legislation to bail out the troubled New York City Off Track Betting Corp.

Now owned by the state after years of fiscal troubles, New York City OTB is in bankruptcy court to reorganize and deal with its debt.

Paterson says the proposal he'll outline Wednesday would keep OTB from having to make regular dark day payments to tracks, create some new revenue sources and establish an early retirement provision for workers.

He says it would provide revenues to keep the New York Racing Association afloat through its summer thoroughbred racing season.  On Friday, the OTB's board voted to suspend for a week the deadline for shutting down parlors and laying off 1,300 workers while Paterson and lawmakers try to solve its cash-flow problems.

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