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NYC OTB stops closing; final rescue effort Tuesday

NYC's Off-Track Betting centers
December 3, 2010 3:32:56 PM PST
The New York City Off-Track Betting Corp. has postponed its plan to shut down because of financial woes and will wait for one more last-ditch effort to get a rescue plan.

The OTB board agreed in emergency session Friday to postpone the closing scheduled for the end of the business day.

Instead, the board will wait until Tuesday's special session of the state Senate. Senators could then vote for a reorganization plan approved by the unions, crafted by Gov. David Paterson and passed in the Assembly in a special session earlier this week.

The outcome of the vote is hard to predict. It likely would require rare bipartisan support to muster the 32 votes needed.

The board of the 40-year-old bookmaking enterprise previously voted to close and lay off its remaining 800 employees.

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