Resorts World Catskills is Set for a Major Change

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. New York Sign

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!

Upstate New York’s Casino Market Continues to Improve

New York is beginning to truly embrace the gambling industry. For much of 2019, lawmakers have worked on ways to bring in more revenue from the gambling industry. Upstate New York’s casino market is expanding rapidly and competition is fiercer than ever before.  New York State Logo

There’s a lot to be excited about in this state. Today, we’re going to look at what new gambling options are now available in New York. We’ll also look at how casinos are responding to this rise in competition.

New York’s Recent Embrace of the Gambling Industry

New York hasn’t always been a gambling-friendly state. In fact, for many years, lawmakers here laid out several laws that suppressed the gambling industry. Even daily fantasy sports, which is legal in many states as a “game of skill” was prohibited by lawmakers here, who believed it to be a form of sports wagering.

Things have begun to change here. In case you’re unaware, the US Supreme Court struck down PASPA in May of 2018. Now, every state in the country has the ability to set laws on sports gambling.

Certain NY government officials immediately began calling for the state to make this form of wagering legal. Nearby New Jersey was the first state post-PASPA to legalize sports betting and immediately began making millions of dollars a month. A sports betting bill was approved by New York Governor Anthony Cuomo earlier this year.

In July, the first legal sports wager in New York was placed at the Rivers Casino in Schenectady. Now, sports betting is legal inside brick and mortar casinos around the state. Many are profiting massively from the current NFL season. Legal sports betting isn’t the only new form of gambling available in New York, though.

Not long ago, state legislators also approved commercial casinos to operate in New York. These new gambling venues, along with tribal casinos, is helping to make Upstate New York’s casino market one of the most competitive in the country.

Upstate New York’s Casino Market is Growing Quickly

There are now many different tribal and commercially-run casino venues in New York’s Upstate area. Competition in this industry has never been higher. These gambling establishments are working extremely hard to out-do each other. One of the most popular casinos in this area just won a prestigious award.

The Del Lago Casino, located in Tyre, recently gained several awards from Casino Player and USA Today. Casino Player magazine asks its readers to name the “best of the best” casinos in the country every year. Del Lago Casino was awarded for having the best hotel staff, best suite, best craps, best roulette, and best VIP services.

It’s an impressive accomplishment for this gambling venue. Lance Young, executive vice president of the casino, commented on the awards to the media this week.

“We are incredibly grateful for the 11 awards we received from Casino Player, especially because the honors were submitted by readers who are also del Lago guests,” he said. 

There are some exciting new venues entering Upstate New York’s casino market. This week, Hilton has announced that it’s constructing a new hotel on land adjacent to the Turning Stone Resort Casino in Verona.

Unfortunately, not every casino in this state is flourishing. Several have struggled to generate revenue amid the rise in competition. Recently, several of these casinos have begun calling for online gambling to be made legal here.

Casinos Begin Calling for Online Casino Gambling Regulation

With so many different gambling venues in Upstate New York, it’s been difficult for many of these casinos to bring in the money they initially projected. As a result, officials at many of these casinos have begun calling on lawmakers to make internet casino gambling regulated.

New Jersey began regulating its internet casino market last year. It’s extremely successful, helping to bring the state millions of dollars every single month. In fact, more people are gambling online here now than playing inside land-based casinos.

Interestingly, there are many different online casinos in NY available right now. The state government does not regulate these websites, yet they’ve grown extremely popular over the years, particularly for those located far from the Upstate area.

Many of these websites offer just as many different gambling options as the state’s brick and mortar casinos. The majority of them are extremely safe and offer their players a wide range of easy payment options.

Upstate New York’s casino market is growing. With that growth comes a rise in competition. Hopefully, all of the casinos here manage to generate more revenue. We’ll need to wait and see whether or not lawmakers choose to make online casino gambling legal.

Make sure to stay tuned for more casino news in New York over the next few months!