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Resorts World Catskills: Financial struggles grow for new casino, report shows

Empire Resorts wrote it cannot be “certain that our business will generate sufficient cash flow from operations, that our anticipated earnings from the Casino will be realized, or that future borrowings will be available under our existing debt arrangements.” The company added it may need to raise additional capital or take on more debt “to finance our plans for growth and general corporate purposes.” Resorts World Catskill Casino holds their grand opening. John Meore/lohud In June, the casino got a $30 million loan from Kien Huat, the realty arm of the Lim family. Empire Resorts is owned primarily by billionaire KT Lim, the chairman of the Malaysia-based Genting, the worldwide gaming giant.  “Our future operating performance and our ability to service our debt will be subject to future economic conditions and to financial, business and other factors, many of which are beyond our control,” Empire Resorts wrote to investors, which was first reported by The Times Herald-Record. The financial picture painted in the quarterly report is not surprising. Resorts World Catskills is the largest of the four upstate New York casinos that started opening in 2017, but it has been the worst performing one, the USA Today Network’s Albany Bureau reported in June. It’s net win per day — which is the money left in its slot machines after payouts to winners — has averaged a mere $103 per machine, which is well below the other New York casinos. Although it had a few stronger weeks so far this summer, the casino is still in pace to produce about $140 million in annual revenue in its first year — about half of what it initially projected, state records show. The performance led Moody’s Investors Service in June to downgrade the bond rating of Montreign, the subsidiary of Empire Resorts that operates the casino. “Without a significant near-term improvement in revenue, Resorts will be challenged to support its annual fixed charges going forward,” Keith Foley, a senior vice president at Moody’s, said in a statement . Chares Degliomini, the casino’s executive president, said the casino and its 18-story hotel are doing well as the facility builds a clientele and adds new amenities.

For the original version including any supplementary images or video, visit https://www.lohud.com/story/news/politics/politics-on-the-hudson/2018/08/15/resorts-world-catskills-financial-troubles-grow-new-casino-report-shows/996591002/

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