1 the wall street journal refuses to say show us the books?
2andrew cuomo hates horse racing and wants to kill it?
3public benefit corporation is a common core euphemisim for politician benefit corporation? Working is for people who can't get themselves indicted?
4. Suffolk OTB filed forbankruptcybecause?
Suffolk OTB Reorganization Viewed as Chapter 9 Model | The Bond ...
www.bondbuyer.com/.../suffolk-otb-reorganization-viewed-as-chapter-9-m...
Jan 9, 2015 - ... the development of a new electronic slot machine casino slated to open in ... The legislation authorizing the Suffolk OTB to file for Chapter 9 also ... "Just look at the dwindling slot revenues at Connecticut's Foxwoods and ...Westbury Casino at Fortunoff Plan Nixed | Long Island News from ...
https://www.longislandpress.com/.../westbury-casino-at-fortunoff-plan-nixe...
Jan 31, 2015 - The Nassau OTB wanted to build a gaming parlor with 1,000 slot machines at the former site of Fortunoff ath The Source mall in Westbury.
N.Y. Off-Track-Betting Enterprises May Not Take Bets on Kentucky Derby
State’s five OTBs object to Churchill Downs move to increase its take
The 147th running of the Belmont Stakes on June 6 in Elmont, N.Y. PHOTO: JASON DECROW/ASSOCIATED PRESS
The Kentucky Derby is one of the most-watched and most-wagered-upon events in thoroughbred racing. But New York state’s off-track betting properties say they may not take bets on the Run for the Roses next year.
The state’s five OTB enterprises have eliminated Derby owner Churchill Downs Inc. from their simulcast offerings, citing a dispute over fees.
“We are in an impossible financial situation,” said Philip Nolan, president and chief executive of Suffolk Regional Off-Track Betting Corp., one of the five OTBs in New York.
OTB officials say they object to a move by Churchill Downs to increase its take from the total amount bet on the Derby and other races at tracks the company controls the simulcast rights to. The OTB officials say Churchill Downs imposed rate increases that totaled 29%.
The OTBs agreed to the increases in 2014 and generated nearly $9 million in total bets on the Derby alone. But officials say they can’t afford to do it any more.
New York’s OTBs are “public benefit corporations,” so local municipalities ultimately lose out, said Michael Kane, chief executive of Western Regional Off-Track Betting. “In many cases, we lose money by taking the bet,” he said.
The arrangement allowed New York gamblers to wager on races at other tracks as well, such as Arlington International Racecourse outside Chicago and Fair Grounds Race Course in New Orleans, both of which are owned by parent company Churchill Downs of Louisville, Ky.
Bill Mudd, president and chief financial officer of Churchill Downs, said in an email that the company was disappointed its races were dropped. He said the New York OTBs underpaid Churchill Downs compared with what other outlets around the country paid.
“They have the right to choose to not carry our signals, and we have the right and expectation to ask fair market rates for our signals,” he added.
Under New York state law, OTBs are able to negotiate for new rates by joining forces with the New York Racing Association, which operates the state’s three major thoroughbred tracks and interacts separately with Churchill Downs.
As of Wednesday, the association hadn’t received a written request from the OTBs to negotiate on their behalf, according to NYRA spokesman John Durso.
NYRA, though, has a different perch: As a supplier of nearly year-round racing, NYRA sells its content to other tracks and off-track betting venues around the country, in addition to buying the simulcast of others.
The variety of business models in New York makes the dispute unusual, according to Elizabeth Bracken, associate coordinator of the University of Arizona’s Race Track Program. The regional OTBs are public benefit corporations, while NYRA is under state control and many harness tracks are privately owned.
“There is no unification in New York. At some point it would make sense to put them all together. It would be tremendously powerful,” she said. “California buys and sells as a state.”
At least for now, some racing fans are focusing their attention elsewhere, including the popular summer meet at Saratoga Race Course in Saratoga Springs, N.Y.
“Arlington has their one day, the Arlington Million,” said Dillon Murphy, who wagers at multiple venues. “Outside of that, who cares about Arlington when Saratoga is running?”
Write to Pia Catton at pia.catton@wsj.com
