Resorts World Catskills in New York isn’t living up to expectations.
Revenue for the facility that cost $1 billion and has an 18-story hotel has been comparable since April to the Rivers Casino in Schenectady, which was built for $700 million less and has nearly half the slot machines.
Resorts World recently partnered with Bet365, which is acquiring $50 million worth of shares from Empire Resorts, Inc., Resort World’s parent company. In exchange, Bet365 with split the sportsbook profits 50-50 once sports-betting is legalized in New York.
“Our win per day on slots is not where it needs to be,” Empire executive chairman Many Pearlman told the Democrat & Chronicle in reference to Resorts World’s struggles. “Some of this money we are getting (from the Bet365 deal), we will be spending on marketing and trying to improve that. We think over time that it’s part of the business that takes time to build up.”