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New York City Off-Track Betting Going Online
12/4/09 - New York City Off-Track Betting Corp., a land betting operator, filed for bankruptcy this week and plans to reorganise after five years of losses totaling $45 million - and virtual horseracing is an option being studied, according to reports from the Bloomberg business news agency.
A lack of resources to build the type of modern race tracks that exist in neighboring states and dwindling cash levels were cited as reasons for the Chapter 9 filing, which listed as much as $500 million in debts against $50 million in assets.
The filing won’t halt gambling operations, said Meyer Frucher, chairman of the state-run corporation.
“We’re not going to be asking for any taxpayer dollars,” Frucher said. The reorganisation plan calls for a $250 million bond sale to pay debts and provide funds to buy new technology and improve betting parlours.
In September this year, Frucher hinted at what form such new technology would take, claiming that betting volume may increase as much as four-fold to $4 billion with updated technology, such as an around-the-clock horse-racing TV channel or virtual racing.
Since its 1971 inception, the company has made payments of $2 billion to the horse-racing industry, about $1.4 billion to New York City, and about $600 million to the state, according to court documents.
If the betting operation were closed instead of reorganised, New York City OTB would face debt of more than $600 million, Frucher said.
The state took control of New York City OTB’s operations in 2008 after Mayor Michael Bloomberg said he would shut it down to stop losses.
Oink Country Love Slot Launches -
Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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