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A sure bet

August 28, 2010 - John D'Agostino

Greg Rayburn, chief executive officer of Off Track Betting, faces a tough job.

Revenues are falling and expenses are too high for the faltering agency. So he's getting tough. A story in last week's New York Daily News said Rayburn is working on closing a number of betting parlors in Manhattan, reducing the number from 30 to nine.

This plan, undoubtedly, is coming under fire from those who bet the horses at these locations.

But don't feel bad for Rayburn. The criticism is part of his job.

Currently, Rayburn collects $125,000 a month in his position as chief executive officer for a failing agency. That's $1.5 million a year for the CEO. Anyone see a problem here?

Maybe instead of closing parlors, OTB should be taking a second look at its payroll. It appears to be a good bet that some of their executives are overpaid.



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