This week’s casino news starts us of in upstate New York where one of many most luxurious, 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 following a year or two by which it had been unable to generate profits. Based on the report, the Resorts World Catskills was hit with a $36 million loss in the final quarter. 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 proposal to buy out the remaining shares associated with the company from the parent company Empire Resorts. According to an SEC filing by the publicly-traded business, the $1 billion casino in Monticello suffered operating losses of $73.5 million through the conclusion of June. If Empire Resorts does not take the deal with the Genting Group, it might likely need to declare Chapter11 bankruptcy so that you can negotiate its debts with creditors.
After projecting $300 million in revenue for 2019, the Resorts World Catskills is currently on pace to fall nearly $100 million short of that mark. It will be interesting to see just what route the Genting Group decides to take continue after the stun Continue reading “Casino Information – Resorts World Catskills In Hassle, No Casinos For Chicago, Intense Rock Las Vegas Closing For Renos”