NYC OTB says it will lay off 1,300
NEW YORK (AP) — New York City’s Off-Track Betting Corp. has given layoff notices to 1,300 employees.
The pink slips went out Friday as state lawmakers balked at enacting a rescue package for the long-troubled corporation, which runs horse racing betting parlors throughout the city.
OTB says it will close all 66 of its parlors on April 11 if it isn’t given some relief.
The corporation is in bankruptcy. As part of its operating deal, it is supposed to provide millions of dollars in guaranteed payments to the state each year.
It is looking for a deferment on those payments while it reorganizes.
OTB says it has lost $45 million in the last five years.
The corporation has been threatening to close since 2008.
Tax hike in town's proposed budget ... Residents sue over industrial park plan ... Attacks ads targeting Suozzi paused ... Out East: McCall Wines
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