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Senate Rejects NYCOTB Plan; Shutdown Looms

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A big uh-oh for New York OTB…

From bloodhorse.com

The state Senate in New York Dec. 7 rejected a reorganization plan for the New York City Off-Track Betting Corp.—and the clock began ticking on a threatened midnight shutdown of one of the nation’s largest bookmaking entities.

The measure failed by three votes after intense maneuvering throughout the day and a blistering lobbying effort by tracks and other off track betting companies.

The OTB needed the authorization bill from the Legislature in order to return to federal bankruptcy court with a plan to emerge from its Chapter 9 bankruptcy protection.

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