Resorts World Casino revenue report

FRITZ MAYER
Posted 8/15/18

TOWN OF THOMPSON, NY — The new Resorts World Casino isn’t bringing in as much revenue as had been anticipated, according to published reports. A second-quarter earnings report for the …

This item is available in full to subscribers.

Please log in to continue

Log in

Resorts World Casino revenue report

Posted

TOWN OF THOMPSON, NY — The new Resorts World Casino isn’t bringing in as much revenue as had been anticipated, according to published reports. A second-quarter earnings report for the Securities and Exchange Commission showed that casino’s parent company Empire Resorts showed a loss of $37.2 million on revenue of $49 million.

The company has said in the past that it is operating without all of the planned attractions yet in operation. That includes the Kartrite Hotel and Indoor Waterpark set to open in March; a new entertainment complex set for a December opening, along with additional mid-market hotel rooms; and the redesigned golf course.

The actual filing says, for Empire Resorts overall, which also owns Monticello Casino and Raceway, “Gaming revenues increased $23.6 million, or 145.2%, for the three-month period ended June 30, 2018 as compared to the three-month period ended June 30, 2017, from $16.2 million to $39.8 million. The increase in gaming revenues was primarily due to revenues generated by the casino, which generated $34.5 million in gross gaming revenue. Monticello Casino and Raceway generated $8.4 million in gross gaming revenue for the three-month period ended June 30, 2018, as compared to $16.2 million for the three-month period ended June 30, 2017. The decrease in gaming revenue at Monticello Casino and Raceway was primarily due to a decrease in volume due to the opening of the Casino.”

Analysts say the gaming market in the Northeast is currently saturated, and some who follow the industry have doubted from the beginning that Resorts World could thrive in the current environment. But the company continues to forge ahead with investments and construction.

resorts world catskills, revenue, catskills, Monticello, casino

Comments

No comments on this item Please log in to comment by clicking here