Mayor Bloomberg: NYC's Off-Track Betting Operation No Longer Financially Viable

New York, NY (AHN) - Mayor Michael Bloomberg has said that it may be time to close down New York City's Off-Track Betting operation.

Although OTB revenues are larger than its operating expenses, the mayor underscored that the OTB has to pay most of its profit to the state; consequently, the venture may not be financially viable for the city.

"The state uses it as a cash cow, and the city has been subsidizing the state, and we are not going to continue to do that," Bloomberg said at a news conference on Roosevelt Island, reported the New York Times.

The New York City Off-Track Betting Corp. has over 60 branches in the city, where an average of 1.6 million wagers are placed per day; that amounts to more than $1 billion in bets per year.

The threat of a shutdown brought mixed reactions.

Eighty three-year-old Georgie Jackson, told AP, "This is like a home to us - I come here every other day. I'm too old, too lazy, to go all the way to the track."

"It'll never happen," he said, referring to the proposed shuttering down of the facility.

However, City comptroller William Thompson Jr. said in a report last year that the operation has finished several fiscal years on a deficit and that its financial future was not sound.

Thompson said he shared in Bloomberg's frustration over the state of finances at OTB and urged lawmakers to "make changes and treat New York City fairly," reports AP.

The operation which began nearly 36 years ago has lessened the influence of organized crime on gambling in New York City.

Despite the fact that OTB cannot be shut down unless legislation calls for it, the business does need financial support from Mayor Bloomberg, which is unwilling to put up.

Although Bloomberg has said in the past that the city should not be involved in the gambling business, he is concerned about the 1,500 OTB employees who would lose their jobs if the 60 betting parlors closed down.

Bloomberg's aides told the New York Times that the mayor has not decided on closing the facility but is looking into his options.

The Times quotes Bloomberg as saying that he felt obligated to the "hard-working city employees" who had been doing their best to make the business profitable, adding that, "It would be nice if we could actually get some revenue from it." 0in">