New York State’s gaming scene is currently going through a period of major changes, especially with sports wagering being officially greenlighted. Despite the projections of brighter future, Upstate New York commercial casinos have been battling field cannibalization, evident by the recent Wilmorite stake sale in the del Lago Resort Casino. The stake amounts to 50 percent of the casino resort near Waterloo.
Over the past couple of years, people invested in the casino scene of Upstate New York have been warning about the same thing over and over again. Field cannibalization is a thing that could be the logical outcome of way too many businesses in a relatively narrow market. Upstate New York currently has four commercial casinos that have been showing signs of financial struggles over the past months. The Finger Lakes resort has been the latest example of such.
Wilmorite Sells 50-Pct Stake
According to the official information, the development firm has decided to exit del Lago Resort Casino and sell its 50-percent stake in the premium resort. The sale is about to make Peninsula Pacific LLC the sole stakeholder of the complex. Up until this point, each of the two companies owned half of del Lago.
Such a move could indicate the increasingly worsening situation in the local gaming field, eventually making room for speculations on the topic. The recently launched in-person sports wagering is projected to attract a larger crowd to all eleven casinos across New York State, but there is still time before many of them greenlight their sportsbooks. The stake sale received a nod from the Tyre Town Board.
The casino complex launched operation in 2017 and ever since then it has been supporting the local community with employment opportunities, as well as with allocations. More than 2,000 new positions have been created as a result of its operation, which has also been attracting tourists to the vibrant region of Seneca County. Its operation would continue in the same spirit, but the exit gives food for thought.
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It comes shortly after another Upstate New York commercial casino resort stirred the pot with the announcement. The newest location, Resorts World Catskills’ operator made it clear that it is considering filing for voluntary bankruptcy that could alleviate the financial burden of swelling debt. Empire Resorts reported losses reaching US$211.5 million after February 2018, which prompted bankruptcy thoughts.
All it has to do is file for reorganization under Chapter 11 of the federal bankruptcy laws but there might be another way out. Genting Malaysia and Kien Huat Realty recently proposed to take it private and add Resorts World Catskills to Genting’s portfolio by buying out the company. Sports wagering is eyed as another positive prospect, since venues that have already launched it report performance.
Rivers Casino & Resort marked a whole month of legal sports wagering on site, which added US$168,743 in revenue over the first week. However, following a roller coaster of revenue performance, last week saw a drop to US$74,298. The casino management attributes such performance to the lack of major sports events at the moment. Meanwhile, Tioga Downs Casino Resort also reported US$13,632 during its first week, only to slump to US$11,271 by August 11.
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