ALBANY - The city's OTB is off...to the glue factory.
The bankrupt betting parlors were set to shutter at midnight after the state Senate Tuesday voted down a rescue plan.
"We are out of money, we are out of cash, we are out of business because the Senate didn't pass the bill," New York City Off-Track Betting Corp. Chairman Larry Schwartz said immediately after the vote.
The Senate's inaction could cost the cash-strapped state $600 million in additional pension and health care costs, he said.
It may also push bettors to seek out illegal bookies, he warned.
The bailout bill fell three votes short of the needed 32.
The OTB handles about $750 million in bets every year and pays out millions to the entire racing industry.
Sen. George Onorato (D-Queens) said hundreds of OTB jobs - and thousands of racing industry jobs - will be lost at a time of high unemployment.
"Merry Christmas, everybody, and I hope you have a good night's sleep," Onorato said to his colleagues who voted against the rescue.
Schwartz said it would take a "miracle" to reopen the parlors, even if lawmakers could reach a deal in coming weeks.
"If it's not impossible, it's near impossible," Schwartz said.
Dozens of OTB workers watched from the Senate gallery as their bailout flamed out on the Senate floor.
Upset OTB patrons railed against the closure.
To ease the betting void for OTB patrons, the New York Racing Association will begin offering free bus rides from Manhattan to Aqueduct race track in Queens.
The state Racing and Wagering Board will meet today to discuss emergency measures for the racing industry.