New York State’s gaming scene is a diverse one, with four commercial and seven tribal casino locations. Resorts World Catskills has been struggling to stay afloat with an operating loss reaching US$36 million, prompting a conversation about voluntary bankruptcy in the near future.
International giant Genting Malaysia has been considering buying out Empire Resorts overseeing the casino resort in Sullivan County. It is no secret that the Upstate New York has been observing business cannibalization over the past few years, with several casino locations and lack of equal distribution of people around them.
Resorts World Catskills launched operation in February 2018 with quite the hype, as it aimed to reach the expectations of all customers and casino patrons. Something that gave hope for a bright future was the fact that Genting Group is the majority owner of this project, hence the name change ahead of the official launch.
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Up until April 2017, the project was supposed to go by the name of Montreign Resort Casino, only to be changed to Resorts World once Genting made its way into the structure.
With a casino venue reaching 65,000 square feet and featuring 2,150 slot machines and some 112 table games, this location set the tone for heated gaming down the road. However, the reality has been different since the opening ceremony.
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Empire Resorts reported losses reaching US$211.5 million after February 2018. The US$1-billion casino resort fails to cover its swelling debt ever since then, which has prompted the conversation about a voluntary bankruptcy.
This could happen with a filing for reorganization under Chapter 11 of the federal bankruptcy laws and for the time being, it is considered a way out of the situation.
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The casino management oversees operation of Resorts World Catskills and Monticello Raceway. Making its intent clear, Empire Resorts announced this in the most recent filing with the federal Securities and Exchange Commission, but this might not be the only solution to the increasingly concerning situation.
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Genting Malaysia and Kien Huat Realty have felt the pulse of the casino resort and Empire Resorts and they have recently proposed to buy out the company and take it private. This would also mean that Resorts World Catskills would become part of Genting’s rich portfolio including gaming locations around the globe. It should be taken into account that the buy-out would not be an issue for Genting, as it is already a majority owner of the casino resort.
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This Wednesday saw Ed Farrell, President of Genting Americas, point out that Resorts World New York could also boost the struggling Sullivan County casino resort. Kien Huat Realty has already made its offer to purchase the outstanding equity of Empire Resorts, but for the time being no official decision has been announced. While the future remains uncertain, Resorts World Catskills launched its brand new poker room spanning over 7,000 square feet.
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The special space brings 20 tables with as many as 180 seats, guaranteeing enough space for everyone interested in playing. Sports wagering is also projected to launch soon, powered by bet365, making the location competitive to its rivals. Empire Resorts has also received an approval of previously discussed US$100-million gaming hall in Orange County that could bring 1,100 video lottery terminals to Woodbury after 2023.