He talked like a politician while his lawyer stood at his side.
And the books show........And the books are publicly available...... And Dino Amoroso closed North Lawrence and other Nassau OTB Branches... an
News
Racing panel talks off-track betting restructuring (with video)
Nassau Regional Off Track Betting revenues are up $12 million (8.4 percent) this year, since nearby New York City OTB closed last Dec. 7.
However, New York Racing Association’s new Belmont Café, the state’s highest-grossing off-track betting facility, has severely hurt Nassau OTB’s most profitable shop and the company is bracing for the fallout from Aqueduct’s casino — Resorts World New York — that’s scheduled to open in early October.
"It’s going to have a very heavy impact on us, a severe impact," Nassau OTB president Joseph Cairo said Tuesday at the annual Saratoga Institute on Racing and Gaming Law. More than 100 industry leaders were on hand for the annual event, hosted by Albany Law School, at the Gideon Putnam Hotel.
Suffolk Regional OTB on eastern Long Island is already in bankruptcy and its future is questionable. Some analysts have predicted that Nassau OTB might be the next to fall, as bettors flock to Aqueduct’s casino with 5,000 gaming machines.
Consolidating the five remaining OTB firms has been discussed repeatedly as a way to cut costs and streamline operations.
"Certainly it should be considered," Cairo said. "It’s (the current system) a mess. The whole industry has suffered."
NYRA’s gross wagering has only dropped 1.6 percent ($1.6 million) since New York City OTB, one of its largest revenue sources, shut down. The track operator has captured about one-third ($250 million) of New York City OTB’s business primarily through dramatic gains in on-track, telephone and Internet wagering in addition to Belmont Café and a new Aqueduct simulcast center.
That leaves another $500 million worth of former New York City OTB handle going elsewhere — some to the other OTBs, some to out-of-state account deposit wagering firms such as Twins Spires, and some to illegal bookmakers.
"Organized crime and bookies have benefited by (New York City) OTB not being there," said Raymond Casey, the shuttered company’s former president. "That to me is an embarrassment. When the wrong people step up to the plate, you need to do something differently."
NYRA wants to open betting sites in the city at sports bars and restaurants, but needs approvals from Mayor Michael Bloomberg’s office and the state. Catskill Regional OTB has also expressed interest in taking over the territory.
"If we don’t get back in there quickly, people will find other venues to spend their money on, Lotto or something else," said John Signor, Capital Region OTB president. "There’s a lot of money still in New York to be tapped into. It’s important to get that money into the racing industry. We should be working together, the tracks and OTBs, to recoup that money."
At present, there is no state plan for dealing with the situation. The state Legislature does not reconvene until January unless Gov. Andrew Cuomo calls a special session. To date, Cuomo has said little, if anything, about New York’s racing industry.
But it’s an issue that can’t be ignored forever, especially if another OTB company fails.
"If we continue to eliminate the distribution arm of horse racing in New York State, NYRA’s not always going to be able to make it up," Casey said.
NYRA wants to open betting sites in the city at sports bars and restaurants, but needs approvals from Mayor Michael Bloomberg’s office and the state. Catskill Regional OTB has also expressed interest in taking over the territory.
"If we don’t get back in there quickly, people will find other venues to spend their money on, Lotto or something else," said John Signor, Capital Region OTB president. "There’s a lot of money still in New York to be tapped into. It’s important to get that money into the racing industry. We should be working together, the tracks and OTBs, to recoup that money."
At present, there is no state plan for dealing with the situation. The state Legislature does not reconvene until January unless Gov. Andrew Cuomo calls a special session. To date, Cuomo has said little, if anything, about New York’s racing industry.
But it’s an issue that can’t be ignored forever, especially if another OTB company fails.
"If we continue to eliminate the distribution arm of horse racing in New York State, NYRA’s not always going to be able to make it up," Casey said.
Nassau Regional Off Track Betting revenues are up $12 million (8.4 percent) this year, since nearby New York City OTB closed last Dec. 7.
However, New York Racing Association’s new Belmont Café, the state’s highest-grossing off-track betting facility, has severely hurt Nassau OTB’s most profitable shop and the company is bracing for the fallout from Aqueduct’s casino — Resorts World New York — that’s scheduled to open in early October.
"It’s going to have a very heavy impact on us, a severe impact," Nassau OTB president Joseph Cairo said Tuesday at the annual Saratoga Institute on Racing and Gaming Law. More than 100 industry leaders were on hand for the annual event, hosted by Albany Law School, at the Gideon Putnam Hotel.
Suffolk Regional OTB on eastern Long Island is already in bankruptcy and its future is questionable. Some analysts have predicted that Nassau OTB might be the next to fall, as bettors flock to Aqueduct’s casino with 5,000 gaming machines.
Consolidating the five remaining OTB firms has been discussed repeatedly as a way to cut costs and streamline operations.
"Certainly it should be considered," Cairo said. "It’s (the current system) a mess. The whole industry has suffered."
NYRA’s gross wagering has only dropped 1.6 percent ($1.6 million) since New York City OTB, one of its largest revenue sources, shut down. The track operator has captured about one-third ($250 million) of New York City OTB’s business primarily through dramatic gains in on-track, telephone and Internet wagering in addition to Belmont Café and a new Aqueduct simulcast center.
That leaves another $500 million worth of former New York City OTB handle going elsewhere — some to the other OTBs, some to out-of-state account deposit wagering firms such as Twins Spires, and some to illegal bookmakers.
"Organized crime and bookies have benefited by (New York City) OTB not being there," said Raymond Casey, the shuttered company’s former president. "That to me is an embarrassment. When the wrong people step up to the plate, you need to do something differently."
NYRA wants to open betting sites in the city at sports bars and restaurants, but needs approvals from Mayor Michael Bloomberg’s office and the state. Catskill Regional OTB has also expressed interest in taking over the territory.
"If we don’t get back in there quickly, people will find other venues to spend their money on, Lotto or something else," said John Signor, Capital Region OTB president. "There’s a lot of money still in New York to be tapped into. It’s important to get that money into the racing industry. We should be working together, the tracks and OTBs, to recoup that money."
At present, there is no state plan for dealing with the situation. The state Legislature does not reconvene until January unless Gov. Andrew Cuomo calls a special session. To date, Cuomo has said little, if anything, about New York’s racing industry.
But it’s an issue that can’t be ignored forever, especially if another OTB company fails.
"If we continue to eliminate the distribution arm of horse racing in New York State, NYRA’s not always going to be able to make it up," Casey said.
