GOVERNOR PATERSON ANNOUNCES APPOINTMENT OF NEW NYC OFF-TRACK BETTING CHAIR

Governor David A. Paterson today announced the appointment of Meyer “Sandy” Frucher as Chairman of the New York City Off-Track Betting Corporation (NYCOTB). Mr. Frucher will replace David B. Cornstein, who will resign the chairmanship but remain a member of the NYCOTB Board of Directors.

“Sandy Frucher’s expertise and experience in both the public and private sectors should give New Yorkers the confidence to know that he will make prudent decisions for the New York City Off-Track Betting Corporation,” said Governor Paterson. “NYCOTB customers and employees alike will be well served by his leadership and I welcome him to this new role.

“I am also glad that David Cornstein will remain a member of the Board of Directors,” added Governor Paterson. “He will continue to be of invaluable service to the NYCOTB, utilizing his long experience at its helm to keep the work of the Corporation moving forward.”

Mr. Frucher currently serves as the Vice Chairman of the NASDAQ OMX, and brings with him extensive experience as a financial and corporate manager. Prior to joining the NASDAQ OMX, Mr. Frucher spent a decade rebuilding and managing the Philadelphia Stock Exchange, where he facilitated its sale in 2007 to NASDAQ OMX for $690 million.

Spanning four decades, Mr. Frucher’s background includes extensive public sector experience. He has held director-level positions with the U.S. Research and Development Corporation, the City of New York, the Massachusetts Office of Human Services, the New York State Commission on Management and Productivity in the Public Sector, the New York State Governor’s Office of Employee Relations, the Battery Park City Authority, and the New York City School Construction Authority.

Mr. Cornstein was appointed in 1994 by former Mayor Rudolph Giuliani to Chair the NYCOTB. Since then, Mr. Cornstein has overseen substantial growth in wagering activity and guided the development of an internet wagering platform as well as three teletheaters. Most recently, Mr. Cornstein helped NYCOTB navigate the Corporation’s transition from New York City to New York State control.

In June 2008, the State enacted legislation to assume the management of the financially strapped NYCOTB from the City of New York. In doing so, Governor Paterson acted to ensure the preservation of more than 1,500 jobs in New York City.

The New York City Off-Track Betting Corporation was created by statute in 1970 and is a public benefit corporation that handles wagers on in- and out-of-state thoroughbred and harness horse racing. In 2007, NYCOTB handled nearly forty percent of the more than $2.6 billion wagered in New York State on horseracing.

This appointment does not require Senate confirmation.