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Casino News: Group Purchases Resorts World Catskills, Jerry Jones Gets Endorsement

Casino News: Group Purchases Resorts World Catskills, Jerry Jones Gets Endorsement
This week’s casino news follows up on an account from last week where in actuality the Resorts World Catskills was nearing bankruptcy. Fast forward to this week and additionally they’ve found a remedy for their financial woes.
Genting Group Purchases Upstate Brand New York Casino
A week ago, it absolutely was reported that the Resorts World Catskills was on the brink of bankruptcy. This they’ve found a buyer to help them get out of financial trouble week.
The Genting Group has purchased the Resorts World Catskills from Empire Resorts. The announcement comes not as much as two weeks after the casino’s parent company considered filing for Chapter 11 bankruptcy. Empire Resorts announced the sale along with for the staying shares of its $1.2 billion Las Vegas-style casino in Monticello set to transfer up to the Genting Group in the deal.
The Genting Group had been already the investor that is largest in this particular casino, owning 86-percent of the stocks before they completed their many recent deal. According to reports, the Genting Group bought the remaining shares at about 15-percent significantly more than their market that is current value. As a result of its purchase that is latest, Genting Group now has a total of 40 casinos in its portfolio. The expectation is that the sale will be completed at some point prior to the end of the twelve months.
Las Vegas Sands Corp Facing $12 Billion L […]

By |January 8th, 2020|TopSlots|0 Comments|

Casino News – Resorts World Catskills In Hassle, No Casinos For Chicago, Intense Rock Las Vegas Closing For Renos

Casino News – Resorts World Catskills In Hassle, No Casinos For Chicago, Intense Rock Las Vegas Closing For Renos
This week’s casino news starts us of in upstate New York where one of the many lavish, innovative casinos is on the verge of bankruptcy. Can the Resorts World Catskills be saved still?
Resorts World Catskills On Verge Of Bankruptcy
The largest upstate casino in ny is reportedly regarding the verge of bankruptcy carrying out a couple of years in which it had been unable to generate profits. Based on the report, the Resorts World Catskills was hit with a $36 million loss in the quarter that is last. The business is seriously considering claiming bankruptcy in an effort to square away its debts.
The casino’s shareholder that is largest, the Genting Group, has put forward a proposal to buy out the staying shares regarding the company from the parent business Empire Resorts. According to an SEC filing by the publicly-traded business, the $1 billion casino in Monticello suffered operating losses of $73.5 million through the end of June. If Empire Resorts doesn’t take the cope with the Genting Group, it might likely need certainly to apply for Chapter11 bankruptcy to be able to negotiate its debts with creditors.
After projecting $300 million in revenue for 2019, the Resorts World Catskills happens to be on pace to fall nearly $100 million brief of that mark. It will be interesting to see what route the Genting Group decides to take moving forward after the stunning reve […]

By |January 6th, 2020|TopSlots|0 Comments|