Thursday, April 7, 2016

One slice Panama red to go please


Dear Herman r charbonneau:

 If Nassau county otb  was open  on Roman Catholic Easter Sunday when gulf stream park, Santa anita and golden gate were running, bettors would bet and otb would make money.  Observant believers would be free to pray.  See by const art 1 sec 3 and articles pertaining to deceased nyt otb which opened and made money on the advice f its ysleeducated counsel Ira block.


Please help see that Nassau otb is open without religious preference.



New York City OTB Drops Plan to Open on Easter

New York City Off-Track Betting Corp., which faces action by state regulators for opening its parlors on Palm Sunday, April 13, has abandoned plans to open for business Easter Sunday, April 20.
NYCOTB officials said April 17 they believe the corporation is within its legal rights to open, but will instead work on getting legislation passed to permit it to open on the three days a year when pari-mutuel wagering is banned in the state.
"Because of the continued uncertainty regarding the issue of pari-mutuel wagering on Easter Sunday, as well as the position of the (New York State) Racing and Wagering Board, New York City OTB will not operate on Sunday, April 20," NYCOTB president Raymond Casey said. The decision was made after consultation with the regulatory agency.
Michael Hoblock, chairman of the racing board, said NYCOTB clearly violated state law by operating on one of the three days--Easter and Christmas are the other two.
While there had been indications NYCOTB was moving to offer betting on Easter Sunday, Hoblock said he had not been told. "Until the event happens, there's nothing we can do," he said when asked if regulators would move to keep the parlors shuttered.
Hoblock said the parlors handled $1.7 million on Palm Sunday, but he did not know how much of that amount would actually make its way down to the city's coffers. NYCOTB officials have suggested the opening occurred because the city budget is facing a huge deficit. NYCOTB officials were not available for comment.
Hoblock said the options are imposing a fine, which can total $5,000 for each violation, or "we could deal to some degree with their plan of operation."
Hoblock noted the board has no jurisdiction against individual OTB officials because OTB employees are not licensed by the board. Besides violating state law, he said the OTB's decision to open on Palm Sunday, despite warnings in advance by the racing board, is also not part of the corporation's operating plan as approved by the state. He likened it to a track violating the terms of its annual operating plan to race a certain number of days.
Hoblock is concerned about the precedent NYCOTB set by ignoring a 30-year-old state law. For years, efforts have been made to get bills passed permitting racing on days such as Palm Sunday, but lawmakers have rejected changing the law.
Said Hoblock: "Instead of resolving this legislatively or through a rule change or some other common way it's just, 'Well, we're going to go ahead and do it.' I don't know if that's the way to resolve a dispute."

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Nassau Off-Track Betting misses $3 million note payment

Updated 
By   robert.brodsky@newsday.com 
 Reprints  + -
Off-Track Betting, seen here at its Franklin Square

Off-Track Betting, seen here at its Franklin Square location, and the Nassau Regional corporation failed to make pricipal and interest payments on cash-flow bonds in March 2016. Photo Credit: Gabby Recny 


HIGHLIGHTS

  • Principal and interest payment was due March 22
  • Agency, noteholder negotiating temporary postponement of payment
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Nassau Regional Off-Track Betting Corp. has missed a $3 million payment on a short-term note to a Manhattan investment bank as it awaits revenue from a deal transferring its authority to install 1,000 video slot machines to Aqueduct Racetrack in Queens.
A securities filing issued this week by Nassau OTB said the agency failed to make principal and interest payments on cash-flow borrowing that were due March 22.
The “Principal/Interest Payment Delinquency” filing said OTB is “in the process of negotiating a forbearance agreement with the note holder,” Roosevelt & Cross, a Manhattan investment bank. Forbearance is a temporary postponement of payment.
“We are currently negotiating with our note holder to arrive at an agreement that will satisfy our obligation,” OTB said in a statement. “We are confident that we will reach an agreement in this regard.” 
In December 2014, OTB borrowed $5 million by selling revenue anticipation notes. In December 2015, it paid off $2 million and refinanced, for three months, the remaining $3 million with a five percent interest rate — considered high for short-term borrowing. 
Herman Charbonneau, Roosevelt and Cross’ executive vice president, said it expects OTB to pay down the short-term notes next month when it receives an initial $5 million payment from Genting New York LLC, which operates Resorts World casino at Aqueduct. Roosevelt & Cross will not charge OTB a penalty or demand higher interest payments for missing the deadline, Charbonneau said.
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“Roosevelt & Cross has a vested interest in seeing this issue resolved,” said Charbonneau. “We will continue to work with Nassau OTB to work out these issues.” 
An OTB spokesman said it was too soon to say whether the agency will pay off the short-term borrowing in full next month.
Genting, a Malaysia-based firm, struck a deal last month to acquire Nassau OTB’s authority to install 1,000 video lottery terminals. OTB had planned to build a VLT casino at state-run Belmont Park but faced intense community opposition.
The agreement, which was included in the state budget, calls for Genting to make an initial $5 million payment to OTB in May and another $4 million payment by year’s end. 
Next April, Genting would begin making monthly $750,000 payments to OTB, totaling $9 million for 2017. In April 2018 — or sooner if Genting has the additional 1,000 VLTs in place — the company would send OTB monthly payments of just over $2 million, or $25 million for the year, OTB president Joseph Cairo said last week. 
Future payments to OTB would be $25 million per year, plus an amount adjusted for inflation, and would continue as long as the Aqueduct VLTs are operating, Cairo said.
The State Gaming Commission must approve the Genting-OTB deal.
OTB would use an as-yet-undetermined percentage of the Genting revenue to pay down $12 million in agency debt, including its operating deficit, Cairo said. OTB ended 2015 with an operating deficit of more than $7 million, according to county officials.
Cairo said the remaining Genting money would go to Nassau, allowing the county to receive a steady source of revenue. OTB officials declined to say how the delayed $3 million payment would affect its ability to deliver that revenue to the county.
With Ted Phillips
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