Casino News indian dreaming slot – Resorts World Catskills In Trouble, No Casinos For Chicago, Intense Rock Vegas Closing For Renos
This week’s casino news starts us of in upstate New York where one of many many lavish, innovative casinos is on the verge of bankruptcy. Can the Resorts World Catskills be saved still?
Resorts World Catskills On Verge Of Bankruptcy
The largest upstate casino in New York is reportedly in the verge of bankruptcy following a couple of years in which it absolutely was unable to generate profits. According to the report, the Resorts World Catskills was hit with a $36 million loss in the quarter that is last. The company is seriously considering bankruptcy that is claiming 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 staying shares for 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 doesn’t take the deal with the Genting Group, it could likely need 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 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 following a stunnin Continue reading
