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Casino Information – Resorts World Catskills In Problems, No Casinos For Chicago, Tough Rock Las Vegas Closing For Renos

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 one of the most lavish, 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 ny is reportedly regarding the verge of bankruptcy adhering to a couple of years by which it 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 shareholder that is largest, the Genting Group, has placed forward a proposition to buy out the remaining shares associated with company from the parent company Empire Resorts. According to an SEC filing by the company that is publicly-traded the $1 billion casino in Monticello suffered operating losses of $73.5 million through the conclusion of June. If Empire Resorts does not take the deal with the Genting Group, it could likely have to apply for Chapter11 bankruptcy so that you can negotiate its debts with creditors.

After projecting $300 million in revenue for 2019, the Resorts World Catskills is currently on pace to fall almost $100 million brief of that mark. It will be interesting to see just what route the Genting Group decides to take co