The casino scene in Upstate New York is one of the most competitive in the country. Many casinos are currently operating here, some of which are struggling to generate revenue. Resorts World Catskills now has new owners and is bracing for a major change.
This casino-resort is having a tough time bringing in money. Hopefully, these changes to this establishment turn things around. Let’s look at what the owners are saying.
New York’s Casino Industry Continues to Expand
For many years, lawmakers in New York pushed against gambling expansion. The state’s officials event worked to ban common forms of gambling such as daily fantasy sports. Recently, however, things have taken a major turn.
In 2013, the state approved commercial casinos. Within just a couple of years, four different privately-owned gambling venues opened in this state.
New York has also recently begun to embrace sports betting. In July of 2019, the first legal sports bet was placed here inside the Rivers Casino in Schenectady. As of now, only land-based sports betting is allowed here. It’s likely that mobile sports betting will become available in New York in the near future.
Many of the casinos in Upstate New York have struggled to generate revenue. The increase in competition here seems to be making things worse. Resorts World Catskills was recently forced to declare bankruptcy and was officially sold to a company based in Malaysia.
This week, the owners of this gambling venue announced what’s coming here.
Resorts World Catskills Owner Announces “New Chapter”
It’s been a tough road for this casino. Initially, it was expected to become one of the hottest casinos in New York. Unfortunately, it’s having a very difficult time bringing in players to the casino floor.
As we just mentioned, this casino was recently sold to the Genting Group. Ryen Eller, president and CEO of Genting Americas, commented on future plans for this venue.
“This marks a new chapter for Resorts World Catskills and is the first step toward fulfilling the promise and potential of New York’s most prized integrated casino resort destination,” Eller said. “By leveraging Genting’s extensive market knowledge, coupled with unrivaled play, stay, and dine facilities, Resorts World Catskills is well-positioned to increase performance and generate significant revenue for the region and New York state.”
With backing from Genting, hope is that this casino manages to start producing better results. Owners say they do not expect any layoffs. That’s great news for the nearly 1,000 individuals working in this establishment.
New York Looks for New Ways to Generate Money From Gambling Industry
Most of the US seems to be interested in embracing the gambling industry. With the ability to legalize sports betting, every state seems to be taking a closer look at its current gambling regulations. New York is one of the states most actively working to generate more money from its gambling market.
Nearby New Jersey is considered the gold standard for US sports betting operations. This state legalized sports gambling in mid-2018 and is now earning more revenue from this industry than Las Vegas. Lawmakers in New York want to see similar results.
The 2019/2020 NFL season seems to be helping things. Rivers Casino, in particular, has been benefiting massively from the football season. It experienced record-breaking revenue figures at the start of the season and continues to rack in money.
Casinos in New York need to work on new ways to attract players. One idea that’s being passed around is for these gambling venues to work together, rather than against each other.
Resorts World Catskills has new owners. Let’s see how this affects the gambling venue’s performance heading into 2020.
Stay tuned for updates over the next few months!