20 February 2008

Poor OTB, Literally.

The city's financially-strapped off-track betting operation announced it will close two branches in the next two weeks (one in Staten Island and another in Astoria) as part of its plan to officially go out of business by the end of June.

The city OTB is highly profitable but must turn over so much of its revenue to the state that it will run out of money by June without an infusion of cash from the city – something Bloomberg has refused to do because the state has refused to revamp its revenue-sharing agreement with the city.

Read OTB, R.I.P. from October 2007

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