NYC Off-Track Betting Staggers Into Ch. 9 Bankruptcy

Law360, New York (December 4, 2009, 2:15 PM EST) -- Crippled by mandatory payouts to the wagering board, New York City Off-Track Betting Corp. has limped into Chapter 9 bankruptcy protection for a restructuring that ultimately rests on overhauling state racing law.

NYC OTB filed for municipality bankruptcy Thursday in the U.S. Bankruptcy Court for the Southern District of New York after seven straight years of operational deficits and several unsuccessful attempts to have the state Legislature recast the payments the business distributes to the horse racing industry, state and city.

Hamstrung in particular by payments...
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