The Catskill Regional Off-Track Betting Corporation, threatened with closure by New York Governor Kathy Hochul because of years of revenue decline, has been tossed a one-year lifeline by the state legislature.
The state budget approved last week will allow the OTB to use money earmarked for capital expenses to cover other costs, allowing it to continue operating for now.
Hochul threatened closure after independent auditors studied the OTG’s 2022 financial picture and issued a report saying there was “uncertainty about the corporation’s ability to continue” in the face of years-long revenue decline. While the reprieve may only be temporary, the head of the OTB has pledged to push for reforms to improve its long-term health.
“I am thankful that the governor and the legislature saw fit to continue the operations of a 50-year industry leader,” said Wanda Williams, president and CEO of Catskill OTB, according to the Hudson Valley Times Union. “Historically, prior to the incursion of other gaming, Catskill Off Track Betting was notably the most efficient and profitable OTB, returning the greatest percentage of sales back to member counties. We will continue to advocate for expanded and enhanced products and modernization of an industry in need of multiple reforms.”
