It operated for many years in violation of NY PML Sec 502 which required it to have three directors.
Its directors expressed a clear religious preference by failing to see that Nassau OTB was open every day of the year that tracks were running that bettors wanted to bet. The directors owe some duty or another to the corporation including that it serves the public without religious preference. If a corporation is not open for business, it will not make money.
Help us Harvard before we get killed like NYC OTB, Chapter 9 bankrupt.
Slot machines are not the key to heaven?
Letter: Why close racetrack on Palm Sunday?
Photo credit: AP | In this photo provided by New
York Racing Association, Stay Thirsty, left, with Ramon Dominguez
aboard, captures The G1 Cigar Mile horse race at Aqueduct in New York.
(Nov. 24, 2012)
To see what's wrong up in Albany, one only
needs to look at the fact that the Aqueduct Racetrack was closed on
Palm Sunday. On an average Sunday, The Big A has a total handle of
between $6 million and $7 million, of which New York
State takes a percentage.Racing also injects money into the industry, paying jockeys, trainers, grooms, etc. Hundreds of employees -- pari-mutuel clerks and racing officials -- help put on the show, which the state gets a piece of in income taxes.
All of this, worth thousands upon thousands of dollars, was lost because on an antiquated law. Not being allowed to race on Christmas or Easter is OK, but Palm Sunday? The New York Racing Authority races on Thanksgiving, and that's a holiday that the vast majority of us celebrate.
Changing this law would be a slam-dunk revenue creator.
Gerard Bringmann, Patchogue
Editor's note: The writer is both a racing fan and a practicing Catholic.
OPEN ON 1ST PALM SUNDAY, OTB RAKES IN $2M - NY Daily News
www.nydailynews.com/.../open-1st-palm-sunday-otb-rakes-2m-articl...
OPEN ON 1ST PALM SUNDAY, OTB RAKES
IN $2M. By Jerry Bossert / NEW YORK DAILY NEWS. Monday, April
14, 2003, 12:00 AM. Print · Print; Comment ...OTB FACES HAND SLAP OVER PALM - NY Daily News
www.nydailynews.com/.../otb-faces-hand-slap-palm-article-1.667233
Apr 16, 2003 – By Jerry Bossert
/ NEW YORK DAILY NEWS ... Aqueduct was also closed on Palm
Sunday, but OTB thrived on action from around the
country.
HI-
Thanks for the help. The item’s
below. I’d be happy to mail you a copy, if you give me a mailing
address.
Claude
Solnik
(631)
913-4244
Long Island Business
News
2150
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LI Confidential
> Stop scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
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Posts Tagged ‘Shareholder Rights Project’
The Shareholder Rights Project’s Mid-Year Update
Posted by June Rhee, Co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Wednesday July 10, 2013 at 9:34 am
Editor’s Note: Lucian Bebchuk is the Director of the Shareholder Rights Project (SRP), Scott Hirst is the SRP’s Associate Director, and June Rhee
is the SRP’s Counsel. The SRP, a clinical program operating at Harvard
Law School, works on behalf of public pension funds and charitable
organizations seeking to improve corporate governance at publicly traded
companies, as well as on research and policy projects related to
corporate governance. Any views expressed and positions taken by the SRP
and its representatives should be attributed solely to the SRP and not
to Harvard Law School or Harvard University. The work of the SRP has
been discussed in other posts on the Forum available here.
In a news alert released yesterday, the Shareholder Rights Project
(SRP), working on behalf of eight SRP-represented investors, announced
the substantial results of the work by the SRP and SRP-represented
investors during the first six months of 2013, as well as the aggregate
impact of their work during 2012 and 2013.Produced Large-Scale Reforms: As a result of the work of the SRP and SRP-represented investors, 77 S&P 500 and Fortune 500 companies declassified their boards of directors during 2012 or the first half of 2013. The companies that declassified:
…continue reading: The Shareholder Rights Project’s Mid-Year Update
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