State OTB Bailout Still Alive in Legislature

Tuesday, Nov 30, 2010  |  Updated 12:00 PM EDT
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State OTB Bailout Still Alive in Legislature

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NEW YORK - MARCH 1: A man holds his betting slips and money at an Off-Track Betting (OTB) parlor in Midtown Manhattan March 1, 2008 in New York City. The board that oversees New York City's OTB operations voted last week to close all 71 parlors by mid-June since the city does not want to subsidize the gambling outposts. State officials are contesting the ruling. (Photo by Mario Tama/Getty Images)

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A state bailout of New York City Off-Track Betting is still alive after the state Legislature failed to approve it Monday.

The Assembly is expected to approve the measure Tuesday. The Senate says it needs more time to study the bill before it acts, possibly in coming days.

The state-owned New York City OTB is trying to emerge from bankruptcy and wants lawmakers to approve a plan that includes concessions from the business, its unions and creditors.

New York City OTB has long handled as much as $1 billion a year in horse racing bets. Yet it's been kept in fiscal crisis by competition from casinos and other gambling operations, OTB's payouts to governments and the horse racing industry, and concern over its management.
 

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