LOG IN TO THOROUGHBRED TIMES

 
Need to reset your password?
 


Don't miss the deadline!

Sign up now for the Freshman Sire Contest presented by Markel and Thoroughbred Times

Chance to win cash prizes for picking leading freshman sires in 2011

To sign up and enter your Stallion Barn, click here.

  • Holy Bull sire of All On the Table 1st Alw (Feb 07, 6th TUP). Owner, Leonard Powell; Breeder, Joseph Duffel...
  • Holy Bull sire of All On the Table 1st Alw (Feb 07, 6th TUP). Owner, Leonard Powell; Breeder, Joseph Duffel...

NEWS

E-Mail this articlePrint this article

Industry News bullet



Most Popular Stories bullet

Most E-mailed Stories bullet

New York OTB considering next step with unions

Posted: Wednesday, September 01, 2010 5:46 PM

by Paul Post

New York City Off Track Betting Corp.’s unions have rejected an early retirement incentive plan, leaving OTB with two options: attempt to sever union contracts in bankruptcy court, or close the business for good.

OTB’s fate is now in the hands of its creditors committee, which would have to approve any plan to terminate union contracts.

Under a so-called “Plan A,” OTB President Greg Rayburn wanted to close 11 betting shops, slash about 400 jobs, and have New York Racing Association and harness tracks take over OTB’s phone and Internet account wagering systems. The tracks would have also sacrificed $32-million in “give backs” to OTB, which has debts totaling $95-million and owes NYRA more than $20-million alone.

OTB was under a hard deadline to opt into the state’s retirement program on Tuesday, but unions rejected key points such as eliminating Sunday double time pay and demanding that a set number of jobs be kept regardless of handle and revenue.

“No such agreement was reached with either of the two unions by the deadline yesterday,” Rayburn said Wednesday. “As a result, there will be no early retirement incentives available to New York City OTB employees. Management will continue to work with its unsecured creditors committee to determine the path forward.”

New York City OTB is the nation’s largest wagering entity, but losses have continued to mount despite handle of more than $750 million annually. Under a proposed “Plan B,” OTB would keep and automate its account wagering platforms, rather than transferring them to the racetracks, eliminating numerous jobs.

After severing union contracts, all payroll and benefits would be significantly reduced. OTB would also seek reduced distributions from racetracks.

Paul Post is a New York correspondent of Thoroughbred Times

E-Mail this articlePrint this article

Post Comment

READER COMMENTS

Posted by: greg, montauk, NY on September 12, 2010 at 09:19 AM

OTB is a cancer on the industry remove it

Report Abuse

Posted by: Stu, Osprey , FL on September 03, 2010 at 05:25 AM

I think it is wrong the way OTB is treating its employees after the hard work they put in over the years Thank You A retired OTB Branch Manager

Report Abuse

Posted by: rishy, albany, NY on September 02, 2010 at 02:03 PM

This group needs to fail and go out of business .

Report Abuse

View more comments