It has been reported that the New York Assembly yesterday passed legislation needed for the reorganization of the bankrupt New York City Off-Track Betting. The move came a day after the Senate finished its sessions without
having taken action.
"If the Legislature does not act, New York City OTB will close, triggering approximately $100 million in state liabilities related to the bankruptcy claims, more than $500 million in pension and retiree health benefit costs and the unemployment insurance costs for the 700 too 800 current employees, who will lose their jobs in the closure," Jessica Bassett, a spokesperson for New York Governor David Paterson was quoted a saying in an article by The Saratogian. "Failure to act on this legislation will impact the entire racing industry. New York City OTB currently manages approximately $750 million in handle, which will be eliminated upon closure."
The report also quoted Senator Roy MacDonald as saying that the Senate may return to Albany in mid-December. "I’m told by both sides to be prepared to come back," he said. "They’ve (OTB) been saying that (they might close) for a while. This time it’s really serious."
(With files from The Saratogian)
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