Friday, May 22, 2015





PRESS RELEASE


This morning, the executive staff and restructuring consultants of the New York City Off-Track Betting Corporation (NYC OTB) announced that they will defer all compensation until a resolution is reached to sustain the organization. The decision comes following last evening’s dispatch of 14-day layoff notices to over 1,300 OTB employees in preparation for the April 11 closure of wagering operations.


“In the days ahead, over 1,300 hardworking OTB employees will receive termination notices in the mail because there remains no consensus on the legislation required to keep this vital economic engine alive,” said NYC OTB President Raymond Casey.  “Until a compromise is forged that saves these jobs, we will suspend our pay.”


Leonard Allen, president of Local 2021 of District Council 37, the union representing OTB employees, said, “During this dire time, the decision by NYC OTB’s executives and restructuring consultants to forego pay is a meaningful gesture of solidarity and compassion that signifies the close partnership that we have formed in development of a long-term solution for the OTB.”  Allen continued, “Sacrifices have been made.  It’s time for the legislature to do its part.”


Meyer “Sandy” Frucher, Chairman of NYC OTB, said, “I commend Ray Casey and his team for showing real leadership by volunteering to sacrifice their income at this crucial time.  We will all continue to work hard in the days ahead to put the organization back on the right track for the tens of thousands of people throughout the state who rely on NYC OTB.”


In December 2009, NYC OTB began restructuring under Chapter 9 bankruptcy protection and formulated a viable plan to reinvent the organization and update the antiquated business model.  Since that time, the OTB’s cash position has continued to deteriorate, prompting the organization to prepare for an April 11 closure.  Recent efforts to seek legislative changes that would extend operations have yielded no resolution.


NYC OTB handles approximately $1 billion in wagers annually contributing to 70,000 jobs throughout New York’s equine industry.

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