What's happening
This bill allows the franchise oversight board to hire a restructuring firm to create and implement a business plan for the New York City off-track betting corporation.
Why it matters
Empowers an independent oversight board. to take direct action in restructuring New York City’s off-track betting (OTB) corporation, rather than leaving such decisions solely to the OTB’s internal management. This could bring in outside expertise and accountability for addressing financial or operational issues.
Mandates the creation of a comprehensive business and restructuring plan. , potentially leading to significant changes in how the OTB operates. This could affect jobs, vendor contracts, and the services offered to the public, with the goal of improving financial stability or efficiency.
Requires oversight and collaboration. between the franchise oversight board and the OTB corporation, adding a layer of review and acceptance before any restructuring is implemented. This process could help ensure that the interests of stakeholders—such as employees, bettors, and the city—are considered before major decisions are made.
Links implementation to broader racing industry reforms. by tying the bill’s effect to the ongoing reorganization of the New York Racing Association. This means changes at the OTB may be coordinated with other reforms in the state’s racing and wagering sector, potentially leading to more integrated or strategic improvements.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
New York City Off-Track Betting Corporation
The corporation would review a restructuring and business plan with the franchise oversight board and implement it once the board accepts it.
Franchise Oversight Board
The board would retain a restructuring firm on the corporation’s behalf and decide whether to accept the resulting plan.
Restructuring firms
The bill would require hiring a firm to prepare a restructuring and business plan for New York City Off-Track Betting Corporation.
Headline styles
Reform Franchise Oversight Board
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to racing and wagering
- Referred to racing and wagering
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3869
2019-2020 Regular Sessions
IN ASSEMBLY
January 31, 2019
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Racing and Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to the franchise oversight board
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (xx) of paragraph a of subdivision 8 of section 212 of the racing, pari-mutuel wagering and breeding law, as renumbered by section 2 of part NN of chapter 59 of the laws of 2017, is renumbered subparagraph (xxi) and a new subparagraph (xx) is added to read as follows:
(xx) acting on behalf of New York city off-track betting corporation, retain a restructuring firm to prepare a restructuring and business plan for New York city off-track betting corporation. Such plan shall be reviewed by the franchise oversight board together with New York city off-track betting corporation and upon acceptance by the franchise oversight board shall be implemented by New York city off-track betting corporation; and
§ 2. This act shall take effect immediately; provided, however, that the amendments to section 212 of the racing, pari-mutuel wagering and breeding law made by section one of this act shall take effect upon the confirmation of the New York Racing Association plan of reorganization pursuant to section 16 of chapter 18 of the laws of 2008, as amended; provided further, that the amendments to section 212 of the racing, pari-mutuel wagering and breeding law made by section one of this act shall be deemed repealed as provided by chapter 354 of the laws of 2005, as amended.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04924-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.