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

Posted on January 8, 2020. Filed under: TopSlots |

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

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

Resorts World Catskills On Verge Of Bankruptcy

The upstate casino that is largest in New York is reportedly in the verge of bankruptcy carrying out a few years by which it absolutely was unable to generate profits. In accordance with the report, the Resorts World Catskills was hit with a $36 million loss in the quarter that is last. The company is seriously considering claiming bankruptcy in an effort to square away its debts.

The casino’s largest shareholder, the Genting Group, has placed forward a proposal to buy out the remaining shares for the company from the parent business 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 end of June. If Empire Resorts doesn’t take the cope with the Genting Group, it would likely need certainly to file for 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 almost $100 million quick of that mark. It will be interesting to see what route the Genting Group decides to take moving forward after the stunning (more…)

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