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Casino News – Resorts World Catskills In Trouble, No Casinos For Chicago, Tricky Rock Vegas Closing For Renos

8 Jan , 2020,
Beth Weissman
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Casino News – Resorts World Catskills In Trouble, No Casinos For Chicago, Tricky Rock Vegas Closing For Renos

This week’s casino news starts us of in upstate New York where among the most lavish, revolutionary casinos is on the verge of bankruptcy. Can the Resorts World Catskills still be saved?

Resorts World Catskills On Verge Of Bankruptcy

The largest upstate casino in nyc 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 last 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 proposition to buy out the remaining shares of the company from the parent company 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 conclusion of June. If Empire Resorts doesn’t take the deal with the Genting Group, it would likely have to declare Chapter11 bankruptcy in order 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 short of that mark. It will be interesting to see what route the Genting Group decides to take continue following the stunning revelations that are fina

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