New York Racing Association faces possible bankruptcy
Due to the potential passing of a bill that would restructure New York State's off-track betting companies, The New York Racing Association is facing bankruptcy again.
Due to the potential passing of a bill that would restructure New York State's off-track betting companies, The New York Racing Association is facing bankruptcy again.
State Senators were scheduled to vote on the measure this week, following the passage of the bill by the state Assembly.
New York City Off Track Betting Corporation says would force it to close if the legislation passed, according to industry news provider The Thoroughbred Times. However, the state's leadership said it would look to extend benefits for both the OTB as well as the state's other five betting firms
"They’ve been doing the right thing, all they want is to be treated fairly," Dean Skelos, a Republican state Senator, told the news source. "Most of our members understand that this is the time for a global solution to the OTB problem, not just New York City."
The NYRA said the legislation threatens to reduce revenues by more than $11 million, the Times reports. Additionally, the organization could face another $20 million in losses due to a potential bankruptcy by OTB.
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