An emergency meeting of the New York City Off Track Betting Corp. (NYCOTB) Friday has led to the decision to keep its sites open until Tuesday in the hopes the state Senate will approve legislation that would allow the restructuring of the organization. NYCOTB had previously announced it would cease operations at the end of business on Friday.
Earlier this week, the state Assembly passed a bill that allowed NYCOTB's reorganization, but it was not heard in the Senate. Published reports now state that the Senate will convene for a special session on Tuesday to discuss the bill and that the 32 votes needed for passage are likely there. The legislation will allow NYCOTB to reduce its statutory payments to racetracks, breeding funds and government.
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