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OTB Floats Plan To Shut Dow In June

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Jan 17, 2008 7:16 am US/Eastern

OTB Floats Plan To Shut Dow In June

NEW YORK (AP) ―

Click to enlarge 1 of 1: Off-Track Betting Corp. could take its last wagers on horse racing June 15. (File)

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New York City's struggling Off-Track Betting Corp. could take its last wagers June 15.

Facing a grim financial future—unless the state steps in to rescue it—OTB has submitted a contingency plan for shutting down its more than 60 branches and laying off its roughly 1,500 employees.

Mayor Michael Bloomberg asked for the plan in November. He said then that the city wouldn't bail out OTB because it has generated little money for the city in recent years. The operation is required by law to hand over much of its money to the state and the racing industry.

OTB is hoping to change how the money is distributed. Its efforts come as state lawmakers negotiate over the larger issue of who will run thoroughbred horse racing at the Aqueduct, Belmont Park and Saratoga tracks. The New York Racing Association's arrangement to operate them runs through Jan. 23.