Mayor Bloomberg today will warn that the city’s Off-Track-Betting Corp. could go bust and cease operations by June if Albany doesn’t intercede, The Post has learned.
Bloomberg intends to make clear that taxpayer subsidies to prop up OTB are out of the question, sources said.
Last month, the mayor imposed a hiring freeze and told his agency heads to come up with $1.5 billion in savings over two years in preparation for an economic downturn.
Bloomberg also warned last month that he’s prepared to close OTB if Albany doesn’t change a revenue-sharing formula that has left the city’s only legal bookie losing money on day-to-day operations, despite handling bets of more than $1 billion a year.