ALBANY, N.Y.—Off-track betting sites in New York City are shutting down after the state Senate rejected a plan to rescue the struggling bookmaking operation. A message posted Wednesday on Off-Track Betting Corp.'s website says the company stopped pari-mutuel wagering operations Tuesday after the Senate measure failed to pass. The Assembly approved the OTB rescue plan last week.
The website says three OTB branches will remain open through Monday so bettors can cash winning tickets and make account withdrawals.
OTB employs about 1,000 workers. Although it collected nearly $1 billion a year in bets, competition from casinos and other gambling organizations, past mismanagement and payouts to governments and the racing industry have kept it on the brink of bankruptcy for years.
Supporters of the rescue plan say the failure to pass it could saddle taxpayers with $600 million in OTB liabilities.
The website says three OTB branches will remain open through Monday so bettors can cash winning tickets and make account withdrawals.
OTB employs about 1,000 workers. Although it collected nearly $1 billion a year in bets, competition from casinos and other gambling organizations, past mismanagement and payouts to governments and the racing industry have kept it on the brink of bankruptcy for years.
Supporters of the rescue plan say the failure to pass it could saddle taxpayers with $600 million in OTB liabilities.
