State Will Take Over Off-Track Betting Parlors
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
ALBANY — An official close to Governor Paterson says there is a conceptual agreement for the state to take over the financially troubled New York City Off-Track Betting Corp.
The agreement with state legislative leaders would preserve 1,500 jobs and meet Sunday’s deadline to keep OTB running.
Details of the agreement were still being worked out even as an announcement was being scheduled.
The official spoke on the condition of anonymity because the announcement hadn’t yet been made.
The city OTB takes in about $1 billion annually in bets, but has been financially troubled for years. Mayor Bloomberg has said he won’t spend scarce city resources to keep a “bookie” operation in business.
Mr. Paterson’s announcement is expected later in the afternoon.
A city official close to negotiations said the Bloomberg administration is “hopeful,” but there is no final deal yet.
The city and state officials said details continued to be negotiated this afternoon.
The state official and the city official, who also spoke on the condition of anonymity because the announcement was still pending, said it was unclear if the city had to give final approval of the plan between the governor and state Legislature.
