Discussion

New York City OTB is broke

Updated: August 15, 2009, 12:47 AM ET
By Matt Hegarty | Daily Racing Form

SARATOGA SPRINGS, N.Y. -- New York City Off-Track Betting Corp., the state-owned agency that has a monopoly on taking offtrack parimutuel bets from residents of New York's five boroughs, has an operating deficit of $38 million, an accumulated deficit of $228 million, and will be insolvent soon without legislative help or the implementation of drastic cost-cutting measures, according to an audit conducted by New York State Comptroller Thomas P. DiNapoli released on Friday.

The audit, which ...

Read full story

Comments

You must be signed in to post a comment

Already have an account?

MORE HORSE RACING HEADLINES

MOST SENT STORIES ON ESPN.COM