New York state’s horse breeding industry may go under if they don’t receive funds from Off-Track Betting Corp. (OTB), according to a warning issued by the New York Thoroughbred Breeders (NYTB) on Monday.
OTB, which is owned by the state, filed for bankruptcy in December. This means that the racing season at the Saratoga stadium in upstate New York may go under as well as hundreds of millions in revenue for New York.
The president of the NYTB, Barry Ostrager said that the state needs to keep OTB from completely going under for the interim while they think of a new plan to restructure the organization.
Ostrager added that thousands of jobs could be cut if OTB goes under, according to Reuters.
OTB, which is owned by the state, filed for bankruptcy in December. This means that the racing season at the Saratoga stadium in upstate New York may go under as well as hundreds of millions in revenue for New York.
The president of the NYTB, Barry Ostrager said that the state needs to keep OTB from completely going under for the interim while they think of a new plan to restructure the organization.
Ostrager added that thousands of jobs could be cut if OTB goes under, according to Reuters.
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