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Originally Posted by freddymo
Since day 1:
While the concept of an off-track betting system was approved by New York City voters in a 1963 referendum by a three-to-one margin, the official history of the New York City Off-Track Betting Corporation began on April 22, 1970. That is the date that Governor Nelson Rockefeller signed into law two pieces of legislation which established the structure of off-track wagering. NYCOTB was designated to operate as a public-benefit corporation, a relatively new form of governmental entity run along the lines of a private enterprise whose profits accrue back to the taxpayers in the form of public revenue. The mission given us was three-fold: to raise needed revenue for the City and State, to combat organized crime's hold on gambling by providing a legal alternative and to help New York State's racing industry.
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A "public" company is one that has shareholders widely held and exchangeable on a public market and is required to disclose results via a 10K/10Q SEC filing. A "private" company that has one, or few, stakeholders that does not have to report results. Their accounting practices aren't necessarily required to be GAAP even if that's recommended for all companies. In this case, they have already proven to not adhere to GAAP, as they expense a cost that clearly has an offsetting revenue yet fail to realize the revenue and just claim the loss. You are confusing "public benefit" with "public". See where I'm going with this?