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N.Y. Senate fails to pass OTB bill

Updated: December 7, 2010, 7:30 PM ET
By David Grening | Daily Racing Form

New York City Off-Track Betting Corp. planned to shut its doors permanently Tuesday night, laying off more than 800 employees, creating a vacuum of wagering opportunities for the racing industry, and putting the state another $600 million in debt, after the state Senate earlier in the day failed to pass a bill that would have brought the company out of bankruptcy.

"Unfortunately this afternoon the New York State Senate chose not to pass the bill passed by the Assembly that would have saved ...

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