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NYS Agrees To Take Over New York City OTB

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Jun 13, 2008 7:26 pm US/Eastern

NYS Agrees To Take Over New York City OTB

NEW YORK (AP) ― An official close to Gov. David Paterson says there is a conceptual agreement for the state to take over the financially troubled New York City Off-Track Betting Corp.

The agreement with state legislative leaders would preserve 1,500 jobs and meet Sunday's deadline to keep OTB running.

Details of the agreement were still being worked out even as an announcement was being scheduled.

The official spoke on the condition of anonymity because the announcement hadn't yet been made.

The city OTB takes in about $1 billion annualy in bets, but has been financially troubled for years. Mayor Michael Bloomberg has said he won't spend scarce city resources to keep a "bookie" operation in business.

Paterson's announcement is expected later in the afternoon.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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