According to an article by the Thoroughbred Times, New York Thoroughbred Breeders executive director Jeff Cannizzo spoke out against a New York City OTB plan today before the Assembly and Senate Committees on
Racing, Wagering, and Gaming.
Cannizzo was speaking out on the fact that New York City OTB, which has filed for Chapter 9 bankruptcy protection, is looking to get the state to alter its system of statutory payments to racetracks and breeders as well as state and local government.
The report states that NYCOTB officials have taken the stance that distributions should be based on net income instead of gross income.
According to the report, NYCOTB already owes the New York Racing Association and the New York State Breeding and Development Fund more than $14.7 million and $1.8 million, respectively.
“This accounting trick will dramatically reduce revenues to those who are at the heart and soul of thoroughbred racing, remove OTB accountability, and create a death spiral for an industry that employs tens of thousands of New Yorkers,” Cannizzo was quoted as telling state lawmakers.
Click here to the read the Thoroughbred Times article in its entirety.
(With files from the Thoroughbred Times)