Casino Information – Resorts World Catskills In Problems, No Casinos For Chicago, Tough Rock Las Vegas Closing For Renos
This week’s casino news starts us of in upstate New York where among the many luxurious, 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 New York is reportedly regarding the verge of bankruptcy carrying out a few years by which it absolutely was unable to generate profits. According to the report, the https://real-money-casino.club/slotocash-casino/ Resorts World Catskills was hit with a $36 million loss in the last quarter. The company is seriously considering bankruptcy that is claiming an effort to square away its debts.
The casino’s largest shareholder, the Genting Group, has put forward a proposition to buy out the staying shares of the company from the parent business 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 finish of June. If Empire Resorts does not take the deal with the Genting Group, it might likely need certainly to file for Chapter11 bankruptcy to be able to negotiate its debts with creditors.
After projecting $300 million in revenue for 2019, the Resorts World Catskills is on pace to fall nearly $100 million brief of that mark. It will be interesting to see what route the Genting Group decides to take continue following the stunning revelati