Resorts World Catskills Loses $37 Million in Q2
Things don’t seem to be going so well for Resorts World Catskills. The hotel and casino opened its doors back in February 2018, and there was plenty of excitement to go around. The property looked set to revitalize the area, but things haven’t worked out that way. Recent figures released suggest that Resorts World Catskills is struggling to make enough money.
Resorts World Catskills Casino Underperforming
Resorts World Catskills is New York’s largest commercial casino. It was also the last to open its doors. Now though, things are looking tough for the property as its parent company, Empire Records, has announced that the hotel and casino reported a $37 million during the second quarter. The resort earned $49.1 million in revenue and had operating costs of $71.5 million.
In addition to this, the New York State Gaming Commission released its own figures that show the casino is performing well below expectations. Initial predictions were that the casino would make $200 every day per slot machine, as well as $1500 per table game. However, the current figures see $111 per slot machine and $1192 per table game.
Situation Not that Surprising
The resort complex isn’t even complete yet. Currently, a $33 million entertainment complex is being built, which should be finished in December. There are also plans to build a mid-market hotel, and various other non-gaming amenities. However, Empire Records has admitted that it is not certain these additions will generate enough cash flow to save the resort.
While this is certainly not good news, we can’t say we are that surprised to hear that the casino is not meeting expectations. The three other commercial casinos that opened before Resorts World Catskills have all been struggling as well. Each one has failed to reach expected revenue targets, and there was certainly a concern that the Catskills casino would struggle as well. We certainly hope that things can be turned around going forward.