Ongoing re-working of NYC OTB and its' entities..

[Kasept]

Union says it has agreement with New York OTB
By Matt Hegarty

The bankrupt New York City Off Track Betting Corporation has reached a tentative deal with its union that would result in the loss of 550 jobs at the company and the transfer of OTB’s account-wagering operations to state racetrack operators, including the New York Racing Association, according to the union.

The union’s members are scheduled to vote on the plan on Oct. 6. Full-time employees are being offered $12,000 in severance if they agreed to be laid off, according to a report of the plan on the union’s website. The OTB company currently has about 1,300 union employees.

Also under the plan, New York City OTB’s telephone and Internet wagering operation would be transferred to the company’s racetrack creditors to satisfy a $100 million debt, according to the report. In addition, tracks would accept a $30 million annual reduction in the amount of money provided by bets through OTB, through proposed statutory changes to the distribution formula for the fees, the union said.