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History
- Referred to racing, gaming and wagering
- Referred to racing, gaming and wagering
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3683
Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to abolishing the New York city and Nassau county regional off-track betting corporations and establishing a reconstituted Metropolitan OTB
Purpose
This legislation would formally dissolve the New York City OTB and the Nassau County OTB, merging the two into the "Metropolitan OTB." The Metropolitan OTB would be responsible for all off track betting within the former Nassau and NYC regions.
Summary of provisions
Section 502 of the Racing, Pari-Mutuel wagering and Breeding law is amended to create a new Metropolitan OTB.
Justification
There is an immediate need to take action to rescue NYC OTB from financial insolvency and to take definitive steps to stave off such possible action with Nassau OTB. While there is a real need to effect more efficient and streamlined operations, the systematic malady is with the non-business model that is foisted upon the regional OTBs by the current legislative scheme.
NYC OTB and Nassau County OTB account for contributing nearly a billion dollars to the State's economy. Moreover, over 2,000 people are employed through these two entities. It is estimated that 70% of that work force will lose their jobs if the NYC OTB proceeds to bankruptcy if the current system is not fixed.
Legislative history
2010: S.6313 - Held in Racing, Gaming & Wagering
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.