trigger
11-04-2008, 12:56 PM
(Capitol's)OTB's handle — the amount wagered — is down 4 percent or $7 million over this time last year, President and CEO John Signor said. A year ago, the handle was $173 million, and it dipped to $166 million this year.
Statewide, the scenario is repeated, with all six OTB corporations showing a total decline in handle of $86.8 million, Signor said. New York City OTB, alone, which is now being run by the state, is down $60 million.
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"In addition state mandates have added costs to OTB's bottom line, and the ability of out-of-state and off-shore Internet sites to operate in the New York market is taking hundreds of millions of dollars in handle out of state with no benefit to the state," he said.
In one state mandate, Capital OTB pays Saratoga Harness $3.2 million annually on a $3.7 million handle, he said. "The track is getting 86 cents on every dollar wagered at Capital OTB," he said, calling that "outrageous" and suggesting the state change the hold-harmless law that mandates county taxpayers subsidize privately owned harness tracks, many of which operate video lottery terminals.
http://timesunion.com/AspStories/story.asp?storyID=735967&category=REGION
Statewide, the scenario is repeated, with all six OTB corporations showing a total decline in handle of $86.8 million, Signor said. New York City OTB, alone, which is now being run by the state, is down $60 million.
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"In addition state mandates have added costs to OTB's bottom line, and the ability of out-of-state and off-shore Internet sites to operate in the New York market is taking hundreds of millions of dollars in handle out of state with no benefit to the state," he said.
In one state mandate, Capital OTB pays Saratoga Harness $3.2 million annually on a $3.7 million handle, he said. "The track is getting 86 cents on every dollar wagered at Capital OTB," he said, calling that "outrageous" and suggesting the state change the hold-harmless law that mandates county taxpayers subsidize privately owned harness tracks, many of which operate video lottery terminals.
http://timesunion.com/AspStories/story.asp?storyID=735967&category=REGION