The state is throwing Catskill Regional Off-Track Betting Corporation a one-year lifeline by allowing it to use money earmarked for capital expenses to cover other costs.
The decision outlined in the state budget approved this week could help ease the Hudson Valley betting corporation of some of its most acute financial pains, but may not change the direction of the company’s years-long decline.
Independent auditors recently studied the OTB’s 2022 finances and concluded that there was “uncertainty about the corporation’s ability to continue” as a business due to its declining revenues, according to a copy of the report that was submitted to the state comptroller’s office this week.
