Saturday, May 11, 2019

  

Casino deficit grows but Assembly gaming committee head is confident of turnaround

Will the sun eventually rise on the 15-month-old casino that has yet to show a profit?
(photo from Resorts World Catskills Instagram)

KIAMESHA LAKE – The operating deficit incurred by Resorts World Catskills grew by another $11 million in the first three months of the year, according to a filing with the federal Securities and Exchange Commission.

The gaming and resort business in Kiamesha Lake had a comprehensive loss of $37.5 million in the first quarter of 2019 as compared to $26.1 million during the same period in 2018, when the casino opened.

Despite the slow start, Assemblyman Gary Pretlow (D, Mt. Vernon), chairman of the Gaming and Wagering Committee, believes in time, operations will improve.

“Eventually I think they can turn it around,” he told Mid-Hudson News. “They are experienced operators of casinos, but I think they are getting off to a slow start.”

Pretlow said the adjacent waterpark will help business along with the resort’s golf course, the former Concord Monster, is restored.

The assemblyman said the $1.2 billion invested to build the casino resort is a large chunk of money, but he noted their business plan is to attract people from the New York metropolitan area as well as from the Pacific Rim.

 

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