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.