Casino News – Resorts World Catskills In Hassle, No Casinos For Chicago, Rough Rock Vegas Closing For Renos
This week’s casino news starts us of in upstate New York where among the many luxurious, innovative casinos is on the verge of bankruptcy. Can the Resorts World Catskills be saved still?
Resorts World Catskills On Verge Of Bankruptcy
The upstate casino that is largest in ny is reportedly regarding the verge of bankruptcy adhering to a few years by which it had been unable to generate profits. In accordance with the report, the Resorts World Catskills was hit with a $36 million loss in the quarter that is last. The business is seriously considering claiming bankruptcy in an effort to square away its debts.
The casino’s shareholder that is largest, the Genting Group, has placed forward a proposition to buy out the remaining shares regarding the company from the parent business Empire Resorts. According to an SEC filing by the company that is publicly-traded the $1 billion casino in Monticello suffered operating losses of $73.5 million through the end of June. If Empire Resorts does not take the cope with the Genting Group, it could likely need to file for Chapter11 bankruptcy to be able to negotiate its debts with creditors.
After projecting $300 million in revenue for 2019, the Resorts World Catskills happens to be on pace to fall nearly $100 million quick of that mark. It will be interesting to see just what route the Genting Group decides to take moving forward followi