Resorts World Catskills, the upstate New York casino operated by Empire Resorts, has been hit with a $58m loss within the first five months since opening. As much as $37.2m of that figure was inflicted during the second quarter of trading.
The casino, which cost the firm $1.2bn to develop and build, opened up for business in February and operates alongside nearby sister venue the Monticello Raceway. It features more than 100,000 square feet of Las Vegas style gaming including 2,150 slot machines, over 150 live table games, a poker room and private gaming salons.
Industry observers cite an over-saturated gambling market in New York state as being one of the main drivers in Empire’s losses at the new venue.
The news follows an earlier announcement from Empire that it has engaged Moelis & Company LLC as exclusive financial advisor to assist in a review of opportunities in online gaming, sports betting and interactive gaming. Moelis has also been engaged as exclusive financial advisor with respect to a strategic financing transaction for the company, if any.
Empire Resorts was established as a Delaware corporation on March 19, 1993, and since that time has served as a holding company for various subsidiaries engaged in the hospitality and gaming industries