Casino Information – Resorts World Catskills In Issues, No Casinos For Chicago, Hard Rock Vegas Closing For Renos

Casino Information – Resorts World Catskills In Issues, No Casinos For Chicago, Hard Rock Vegas Closing For Renos

This week’s casino news starts us of in upstate New York where one of many most lavish, revolutionary 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 New York is reportedly in the verge of bankruptcy adhering to a few years in which it was 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 put forward a proposition to buy out the remaining shares of the company from the parent business Empire Resorts. According to an SEC filing by the publicly-traded company, the $1 billion casino in Monticello suffered operating losses of $73.5 million through the end of June. If Empire Resorts doesn’t take the deal with the Genting Group, it might likely need certainly to declare Chapter11 bankruptcy to be able to negotiate its debts with creditors.

After projecting $300 million in revenue for 2019, the Resorts World Catskills is currently on pace to fall almost $100 million short of that mark. It will be interesting to see just what route the Genting Group decides to take continue after the stunning fi (more…)