Catskills owner reports quarterly loss of $37m
Empire Resorts, parent company of New York casino Catskills, reported a quarterly loss of $37.3m for the financial quarter ending 30 June.
Although net revenue appeared strong, with $49.1m for the quarter beinf a considerable increase on last year’s $17.1m, the operating costs are just too high.
Operating costs went up 197% to $71.5m for the quarter, which appears to be draining the majority of Empire’s revenue.
Empire also reported long-term debts of $462m across both of its establishments, which include Catskills and a smaller casino at the Monticello Raceway.
Empire opened Catskills Casino in February, costing $1.2bn.
Catskills is the fourth non-Indian casino to open in Upstate New York in less than two years, which gives a strong indication that the market is oversaturated at the moment.
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