Empire Resorts Casino Monticello New York

The casino at Monticello Raceway in Upstate New York is set to close on or around April 23, according to a filing this week to the Securities and Exchange Commission by its parent company, Empire. The integrated casino resort includes an 18-story all-suite hotel and a casino and entertainment complex featuring 100,000 square feet of gaming action including 150 live Las-Vegas style table games, 2,150 state-of-the art slot machines, a poker room and private gaming salons. The Resorts World Catskills Casino, operated by Empire Resorts, is in the Sullivan County town of Thompson, N.Y. Empire Resorts Empire Resorts is the number one authority on gaming in the Catskills, dedicated to creating an exceptional experience for every guest. As evidenced by their ownership and operation of Monticello Raceway, a successful casino-racetrack since 1958, Empire Resorts expertly brings big-city excitement to the upstate region. Empire Resorts has been awarded the opportunity to pursue a license to build a casino in the Hudson Valley and Catskills, the state Gaming Facility Location Board announced Wednesday.

Empire Resorts Monticello Ny

Resorts World Catskills is a hotel and casino located in Monticello, New York.^[2][3] It opened on February 8, 2018,^[4] and is owned and operated by Empire Resorts.^[5] It was built on the former site of the Concord Hotel.^[6] The property features 65,000 square feet (6,000 m²) of gaming space with 112 table games and over 2,150 slot machines,^[7] and an 18-story hotel tower with 332 suites.^[8]

The property was originally to be named Montreign Resort Casino but announced in April 2017 that it would instead license the Resorts World name from Genting Group, the majority owner of Empire Resorts.^[9][10]

In mid-2018, construction was begun on the Entertainment Village, a building next to the casino containing retail space, restaurants, and 105 hotel rooms.^[11] The project opened in December 2018 as The Alder at Resorts World Catskills.^[11][12]

In August 2019, an SEC filing indicated that Empire Resorts, the casino's parent company, was considering bankruptcy. During the period between the casino's February 2018 opening and June 2019, the company reported $211.5 million in losses. The Times Herald-Record asserted that the losses occurred 'due to gross gaming revenues that lagged 45 percent below company projections in year-one alone, in a Northeast market over-saturated with gambling options'.^[13]

References[edit]

1. ^'Resorts World Catskills'. JCJ Architecture. Retrieved 2018-04-12.
2. ^Axelrod, Daniel (February 7, 2018). 'Finally it's here: Sullivan's casino opening Thursday'. Times Herald-Record. Middletown, NY. Retrieved 2018-02-08.
3. ^Axelrod, Daniel. 'Resorts World Catskills cuts 25 percent of slots'. recordonline.com. Retrieved 2019-06-23.
4. ^'Resorts World casino opens in Sullivan County'. Daily Freeman. Kingston, NY. February 8, 2018. Archived from the original on 2018-09-07. Retrieved 2018-02-08.
5. ^'New casino opens in Catskills after decades of waiting'. Times Union. Albany, NY. AP. February 8, 2018. Retrieved 2018-02-08.
6. ^Glenn Blain (February 3, 2018). 'Catskills takes chance opening $900M hotel and casino'. New York Daily News. Retrieved 2018-02-08.
7. ^'Empire Resorts cuts ribbon on latest New York casino'. New York Business Journal. February 8, 2018. Retrieved 2018-02-08.
8. ^Joseph Spector (February 8, 2018). 'Resorts World Catskills: Five things to know about the new casino'. The Journal News. White Plains, NY. Retrieved 2018-02-08.
9. ^Daniel Axelrod (May 18, 2017). 'New casino to be called Resorts World Catskills'. Times Herald-Record. Middletown, NY. Retrieved 2018-02-09.
10. ^'Montreign Resort Casino to be rebranded a Resorts World property' (Press release). Empire Resorts. April 6, 2017 – via EDGAR.
11. ^ ^ab'Entertainment Village under construction at Sullivan County casino site'. Daily Freeman. Kingston, NY. June 18, 2018. Archived from the original on 2018-06-22. Retrieved 2018-06-19.
12. ^Sucato, Sabrina (December 18, 2018). 'This New Resort Hotel Brings Luxury and Comfort to the Catskills'. Hudson Valley Magazine. Retrieved November 6, 2019.
13. ^https://www.recordonline.com/news/20190809/sullivan-casinos-parent-company-considers-bankruptcy

External links[edit]

Coordinates: 41°39′26.9″N74°38′48.8″W / 41.657472°N 74.646889°W

Resorts World Catskills Casino in Monticello has faced financial issues since they opened back in February of 2018. Their parent company, Empire Resorts, is around $500 million in debt and considered bankruptcy in August.

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'Bankruptcy is a tool, it doesn't necessarily mean the company is going to close. I think all of the talk is centered around whether bankruptcy will be used as a tool to take out that debt,' said Bill Rieber, Thompson town supervisor.

Stockholders approved the sale of Empire Resorts on Wednesday to the company’s two largest shareholders, making the once public company now privately owned. Village of Monticello Mayor and Manager, Gary Sommers, says that is the right move.

'So you can make the decisions you need to make and not worry about all of your stockholders, you know, trying to have some input on it,' Sommers said.

Sommers says while this merger is the right decision, he thinks the casino also needs to improve its marketing strategies if they want to bring in more people.

'It just doesn't seem like they're promoting the casino the way the casino needs to be promoted,' Sommers said.

He says the glitz you would expect from a casino is lacking.

'You look at the signs they have on the highway, the signs they use. They're using the same signs the state uses for road closures,' Sommers said.

Empire Resorts Casino Monticello Ny

A joint statement from Empire Resorts and Genting Americas say in part, 'This marks a new chapter for Resorts World Catskills and is the first step toward fulfilling the promise and potential of New York’s most prized integrated casino resort destination.”

Sommers says he hopes the casino is successful in the future.

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'I think there really is a good strong chance the casino will come out of all of this and be very successful,' Sommers said.