The principal’s experience in the gaming industry-coupled with their financial wherewithal-hold the potential to turn things around. To avert bankruptcy, shareholders of the struggling casino resort approved its sale in mid-November to its largest shareholders, Kien Huat Realty and Genting Malaysia.
In 2013, New York State enacted legislation to expand casino gambling to four economically depressed areas of the state, paving the way for the construction of the new $1.2 billion Resort World Catskills.ĭuring the third quarter of 2019, the resort’s parent company, Empire Resorts, reported operating losses of $26.4 million. After the demise of the area’s resort hotels that were thriving hotspots in the 50s, the region fell into decline with shuttered businesses and high rates of unemployment.
Granted, the Village of Monticello (Sullivan County), New York bears little resemblance to the vibrant Las Vegas Strip. Nestled amidst the Catskill Mountains in Monticello, New York, this relatively new resort encompasses some 1800 acres and is located on the former site of the now-demolished Concord Hotel, once a mecca in the Borscht Belt.
