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Mayor Rudolph W. Giuliani today announced that the New York City Off-Track Betting Corporation (NYCOTB) will exceed $1 billion in wagering for the fiscal year that ends June 30, 2000. This is the sixth consecutive fiscal year that the Corporation has achieved an increase in wagering handle and total revenue and only the second time in NYCOTB's 30-year history to achieve the $1 billion mark.
"I want to congratulate the New York City Off-Track Betting Corporation and its employees for achieving this milestone," said Mayor Giuliani. "I recall under the prior administration when NYCOTB was the only money losing bookmaker in town. However, thanks to our efforts, NYCOTB is once again generating money for New York City and is expected to reach $1 billion in wagering handle for only the second time in its 30-year history."
NYCOTB President William P. Carnevale said, "The Corporation is proud of our accomplishment and the billion dollar milestone has been achieved only once before in the Corporation's nearly 30-year history. This achievement is a tribute to the dedication of our employees and the loyalty of our customers, the wagering public within New York City and environs."
NYCOTB, a New York State-created public benefit corporation, operates a system of 67 branch offices, three teletheaters and four restaurant facilities, as well as a telephone-betting center for the acceptance within NYC of off-track wagers on horse races.
David Cornstein, Chairman of the Board of Directors of NYCOTB, said, "The City of New York is fortunate to have the opportunity of providing racing fans in the City with first-class betting parlors, teletheaters and restaurant facilities where they can make legal off-track wagers on a full menu of thoroughbred and harness tracks and, at the same time, help support the City's provision of essential services."
OTB is a self-funded and self-sufficient public benefit corporation. While it does not receive City funding, it will contribute more than $32 million from its operations this year to the City's General Fund to support essential City services. In addition, it will contribute almost $90 million to all segments of the racing industry and $15.4 million to New York State and units of local government other than New York City within the State. The last time OTB reached 1 billion in wagering handle was in fiscal year 1988, July 1, 1987 through June 30, 1988, when OTB's total handle was $1.032 billion.