Bill > S08419

This bill modifies the funding rules for the Catskill off-track betting (OTB) corporation's capital acquisition fund for the period from April 1, 2025 to March 31, 2026. Specifically, it allows up to $2.7 million (45% of the fund) to be used to pay off various past due obligations, including debts to licensed racing corporations, simulcast signal acquisition costs, and statutory payment obligations to racing and breeding funds. Before accessing these funds, the OTB corporation must submit a detailed expenditure plan to the gaming commission for approval. The plan must include outstanding liabilities, projected revenue, and a comprehensive explanation of how the funds will be used. The gaming commission will review the plan and can approve or request modifications. After using the funds, the corporation must provide a report detailing their expenditure, and the commission may conduct an independent audit. If the audit finds that the funds were used for unauthorized purposes, the corporation must reimburse the capital acquisition fund for the unauthorized amount. The bill aims to provide financial flexibility for the Catskill OTB corporation while ensuring accountability and transparency in the use of these funds.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S8419