NYS Senator Eric Adams, Chair of the Committee on Racing, Gaming and Wagering, holds a public hearing entitled “The Future of New York City OTB.” The hearing examined the circumstances that have led to the current financial crisis at NYC OTB and initiate a dialogue on processes that can repair the corporation and get it back “on track.”
Posted by Eric Adams on Tuesday, September 1st, 2009
Senator Adams remarks on Governor Paterson’s Executive Order to allow NYC OTB to file for bankruptcy:
“During the almost forty-year history of New York State off-track betting, New York City has become the leading betting region in the state, with a handle closing in on $1 billion. As elements in a public benefit corporation, regional OTB locations, including those in New York City, provide both state and local government with millions of dollars in revenue to help mitigate the cost of essential projects.
Posted by Eric Adams on Thursday, December 3rd, 2009
Statement of NYS Senator Eric Adams
New York City Off Track Betting Corporation has been running an unsustainable financial deficit, and it has filed for Chapter 9 bankruptcy as a necessary step towards its continuance as a viable entity. As Chairman of the NYS Senate Committee on Racing, Gaming and Wagering, I endorse the petition as the best available alternative to a cessation of NYC OTB operations.