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Originally Posted by Kasept
Do not be taken in by Sandy Frucher's ploy in this. As with their bogus claims last year, NYC OTB is NOT bankrupt or in any short term danger of collapse. They are using a phony accounting charge off which Matt Hegarty identified a year ago, to make it look like they are in far worse shape than they are.
This is a political dodge Frucher is utilizing to try to re-position NYC OTB's obligations to Albany and NYRA in advance of the VLT parlor at Aqueduct.
The key elements from Hegarty's piece:
Frucher said that he expected to ask the legislature to scuttle provisions that require OTB to pay distributions to the racing industry and state and local governments off its gross revenue.
Frucher also indicated that the company would seek to change its relationships with state racetracks by negotiating with the tracks for the rights to their signals, instead of having statutes determine how much the tracks get paid.
Note that NYC OTB is current with their payments to OUT OF STATE racetracks and have been withholding their payments to NYRA. And they have blatantly been ignoring any directives from the State Racing and Wagering Board on any matter. Frucher is going to try to screw NYRA over the rake and will use his political connections and relationships with editorial boards to garner support.
But do not for a minute believe NYC OTB is bankrupt, because they aren't... other than morally at least.
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someone will go to jail for cooking the books steve?? who goes how much time?