Genting May Bail Out Resorts World Catskills
International involvement may be the only real remedy that will prove effective at alleviating the critical situation that has unfolded at New York’s Resorts World Catskills. New York is currently home to 4 commercial casinos and 7 tribal casinos and needless to say, the casino gaming scene is diverse as well as controversial.
The financial situation at Catskills has now gotten so bad that its prompted a conversation about possible bankruptcy, a situation that must be avoided at all costs due top its unavoidable effects on workers as well as the surrounding communities. But help may be at hand yet, thanks to international operator Genting Malaysia now having expressed its interest in acquiring Resorts World Catskills.
An Empire In The Twang
Since February 2018 the owners of the resort, namely Empire Resorts, reported losses to the tune of $211.5 million. The situation is now dire and its obvious that Empire won’t be in a position to make the sinking ship float for much longer. Without the presence of a safe-net, the only way out is down for Catskills Resorts.
What Genting Malaysia hopes to do is to privatise the casino resort and to incorporate Catskills in its otherwise rich selection of prime gaming and entertainment venues. Genting is a global player and as such, enjoys global backing. Investing the necessary capital resources and support structures may very well prove to be what is needed to save Catskills.
An offer has officially been made to purchase the outstanding equity of Empire Resorts, which will in effect open the necessary in-road that will enable Genting to privatise the venue.
Sports Betting Will Help Too
Resorts World Catskills has in the meantime started to do everything in its power to boost its own offerings and has to this end recently launched a brand new Poker room. The room, one of the biggest in New York, spans all of 7,000 square feet, and makes room for 20 tables and up to as many as 180 seats.
Best of all is that sports betting is on the cusp of becoming really big in New York, barring a few regulatory hiccups. If all were to be ironed out in legal, Catskills may soon find itself in the fortunate position of being a top player in the local betting on sports industry. If any one thing is going to do magic for revue, then sports betting is that thing.