The New York Senate will meet in special session on Tuesday to consider a proposed reorganization of the bankrupt New York City Off Track Betting Corp.
The Assembly but not the Senate last week approved a proposal from Gov. David Paterson that would keep betting parlors open. Senate Majority Conference Leader John Sampson, D-Brooklyn, called the special session on Thursday after OTB officials voted to shutter operations on Friday in the absence of a reorganization.
In 2009, OTB generated $6.1 million of pari-mutuel taxes and also paid the state a $4.2 million racing and wagering board regulatory fee, according to the Division of Budget. In addition to the lost revenue, the state would have to cover $600 million of health and pension obligations. OTB currently has 1,026 employees.
