Suffolk OTB Awaiting Bankruptcy Approval

March 16^th – Suffolk OTB is awaiting Chapter 9 bankruptcy approval from the Suffolk County Legislature today. Suffolk Off-Track Betting Corp. filed for Chapter 9 bankruptcy last February after state auditors found they were $750,000 in the red.

Suffolk OTB will become the state’s second OTB Company to declare bankruptcy after New York City’s betting agency folded last year. Suffolk anticipates getting back in the black once they close down unprofitable betting shops and, by putting focus on growing it’s internet and telephone wagering business. NYRA president Charles Hayward says that the only hope for Suffolk would be to consolidate with one or more of New York’s five remaining off-track betting companies.

Hayward feels that Suffolk president and CEO Jeffrey Casale “runs a good operation.” Suffolk has already shown that they are trying to cut costs where they can, they proved this by laying off approximately 100 employees and by closing two betting shops in the last two years on their own accord. If you need more information about bankruptcy and further experience from a qualified attorney, contact a Long Island Bankruptcy attorney today.

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