OTB Future Looks Dire
The New York City OTB is considering “several doomsday plans” to halt the flow of red ink, including closing up to half of its betting parlors, merging with other betting outfits, and laying off employees. “Records show that OTB turned a profit of $123 million last year but still ended up $9.5 million in the hole, after NYRA and others in the state racing industry took $95 million, the state and city took $35 million, and more than $2 million was spent on miscellaneous expenses.” (New York Daily News)
