The Associated Press
NEW YORK: The state will take over New York City's financially troubled Off-Track Betting Corp., saving 1,500 jobs that were on the brink of being eliminated this weekend, Gov. David Paterson announced Friday.
"New York City OTB will remain open for business," Paterson said at a Manhattan news conference.
The agreement with state legislative leaders was hammered out in the shadow of a Sunday deadline for shutting down the bookmaking operation. Mayor Michael Bloomberg had imposed the deadline, saying he would no longer subsidize a gambling operation that lost millions of dollars a year.
Bloomberg's office had no immediate comment on Paterson's announcement.
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