DiNapoli Statement on Possible Suffolk County OTB Bankruptcy Filing
Nine months ago, I released a report showing that the financial condition of the state's Off Track Betting Corporations outside of New York City had substantially deteriorated over the past five years. I recommended several changes to keep these operations afloat, but they went unheeded.
First New York City OTB failed, and now Suffolk County Regional Off Track Betting Corp. is on the verge of filing for bankruptcy protection. Others will follow.
New York state has still not taken any substantive actions to bring back the bettors and fix OTB, a source of revenue for our hard-strapped municipalities and a support for the state's horse industry.
It's clear OTB's current business model just doesn't work. It's time we make some much-needed changes and find a model that does.
Click here for a copy of DiNapoli's regional OTB report.