The largest and most extravagant upstate New York casino, the Resorts World Catskills is inching towards Bankruptcy.
While the gambling facility lost about $73 million in just the first half of 2019 to June 30, it has also accrued over $400 million in debts. As such, according to the experts and those familiar with the matter, it would not be surprising if the casino declares bankruptcy.
Moreover, according to reports surfacing in the local media, the casino is already planning to declare a prepackaged bankruptcy. The troubling financial position of the casino was revealed by its recent filing with the Securities & Exchange Commission (SEC).
Resorts World Catskills began operation in 2018. It is one of the largest amongst the four upstate New York casinos – Rivers Casino & Resort in Schenectady, del Lago Resort & Casino near Waterloo in the Finger Lakes and Tioga Downs, west of Binghamton in the Southern Tier.
While the Resorts World Catskills is already on the verge of Bankruptcy, the other four casinos are also struggling with slumping revenues.
With the legalization of sports betting in New York, the casinos are hoping for increased and improved overall revenues.
Earlier this year in March, in its filing with the SEC Empire Resorts said that they lost $140m in 2018 with Resorts World Catskills. The gambling operator has already reduced the number of slot machines at the casino and was hopeful of the sports betting operations; however, nothing seems to be working for upstate NY’s most lavish casino.