Category Archives: New York

Resorts World Catskills moves up launch date; del Lago downgrade

resorts-world-catskills-casinoNew York state’s newest casino Resorts World Catskills is moving up its launch date to coincide with the Chinese Lunar New Year celebration.

On Thursday, Montreign Operating Co LLC, a subsidiary of Empire Resorts Inc, which is itself controlled by Malaysian conglomerate Genting, announced it was moving up the grand opening of Resorts World Catskills from March 1 to February 8 (pending regulatory approval).

The casino has decided it wants to time its opening with the arrival of the Chinese Year of the Dog, which officially gets underway on February 16. The Catskills venue is located 90 miles north of New York City, and the venue evidently hopes to lure many of the Big Apple’s Chinese ex-pat community as well as any high-rolling international guests who may land at JFK.

The property’s Lunar New Year plans include a traditional dragon dance and what Resorts World Catskills CEO Ryan Eller called “red envelope surprises,’ while the 100k-square-foot casino floor will devote at least 30% of its space to Asian-centric table games.

If you still had doubts as to what type of clientele the casino hopes to attract, the casino also announced that is official address would be 888 Resorts World Drive. The company noted that, in certain cultures (ahem), three eights symbolize good fortune and prosperity, and the new address is intended to “signify the resort’s anticipated good luck of its future patrons.”

Resorts World Catskills will be the fourth commercial casino launched since New York approved new non-tribal casinos in 2015. So far, these properties have performed far below their original revenue projections, leading to concerns of market saturation.

Making matters worse, the Oneida Nation plans to open its third gaming venue on March 1, which will bring the state’s total complement of casinos and racinos to 19. The Oneida’s new 65k-square-foot Point Place Casino near Syracuse will feature 500 slots and 20 gaming tables, in addition to restaurant and bar options.

Last week, Moody’s Investors Service cut the outlook of the new del Lago Resort Casino in Finger Lakes to ‘negative,’ based on the $100m shortfall in the venue’s projected first-year revenue.

While Moody’s said it was confident that del Lago could continue to pay the interest on its bank loans for a while longer, “without a substantial improvement in revenue, del Lago will not be able to achieve a level of performance that can support its existing debt capital structure.”


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Resorts World Casino starts $400M New York expansion plan

Malaysia-listed conglomerate Genting BHD has given the US market a vote of confidence as it starts its expansion plans in New York.

Resorts World Casino starts $400M New York expansion plan

Genting has broken ground on a $400 million expansion of Resorts World Casinos New York (RWNY), six years after the casino operator opened its integrated resort in the Big Apple.

Scott Molina, the president of RWNY, said the expansion will bring out the potential of its gaming facility, especially since the property does not currently offer hotel accomodation. The company hopes to complete the expansion plan by mid-2019.

The expansion project, according to Molina, includes the construction of a new 400-room four-star hotel with suites that will rival Manhattan’s finest accommodations; a 2,000-sq.ft. spa and resort; another 140,000 sq.ft. of convention and meeting space; plus additional room for retail, food, and casino expansion.

Also in the pipeline is the addition of 1,000 video-lottery terminals, Molina said.

“The expansion will serve as an economic engine for our local community and the State, create more good-paying jobs for local residents, and generate significant revenue for New York State’s Lottery Education Fund,” Molina said in a press release. “We look forward to continuing to work with our local and state partners whose unwavering support has helped turn this vision into a reality.”

True enough, the casino expansion is estimated to generate $200 million in economic activity for New York. It is also expected to hire 3,000 people for construction jobs and at least 1,000 permanent jobs for New Yorkers.

At present, the integrated resort has created more than 1,100 good-paying careers, with more than half of the employees from the surrounding area, and has fostered significant economic development throughout the Queens community.

The expansion project has pushed the total tag price of RWNY to over $1.1 billion since opening in October 2011. It will be recalled that RWNY shelled out $700 million to retrofit the existing Aqueduct grandstand as it aims to be a leading entertainment destination.


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New York On line Poker Outlined in Price range Building

March 25, 2016


new-york-budget-online-pokerThe $154 billion New York spending budget proposal contains the likelihood that on the web poker could be legalised and controlled to deliver additional revenue into the coffers of the condition.

Will New York legalise on the web poker?

I’m not sure about that, but the paperwork that will in the long run drive the condition to see sense is still creating paper cuts all over the halls of political power in the Big Apple.

Senators and Assemblymen who guidance the legalisation and regulation of on the web poker have been throwing expenditures at archaic establishments with additional frequency than Phil Taylor throws his darts at that sliver of purple.

Most of them finally miss the board.

The politicians wander in excess of, decide on them up, tighten them up, and go back again to the oche to toss them yet again. It is not a strategy which is been doing the job incredibly efficiently. Or most likely it is? Probably we have to take in slowly but surely away at the cliff encounter in excess of time?

The just one invoice which is at this time battering that cliff encounter is S 5302. Submitted in May perhaps 2015 by Senator John Bonacic it handed the Senate Racing, Gaming and Wagering Committee by a vote of 9- in Feb 2016. Bonacic is the chairman of that committee. The future stage was for the invoice to uncover its way to the Senate Money Committee for more eyeballing and which is wherever it remains.

Talking about that shift at the time Poker Players Alliance (PPA) Executive Director, John Pappas urged the Finance Committee ‘to shift promptly to usher legislation by means of the Senate.’

That didn’t come about, but what has happened is the New York Senate has incorporated the wording of the invoice in their $154 billion spending budget invoice thanks for a rubber stamp in April. It could be major. It could not. Probably, it’s incorporated with a barrage of other likely funds turbines on a ‘just in case’ foundation, or they could be critically taking into consideration the $10m license expenses and 15% taxation that on the web poker would deliver.

The Stars Are Aligning

Alright, I know my only knowledge of politics arrives from House of Cards, but I really don’t believe that on the web poker is illegal in the condition of New York since there is a panic New Yorkers will out of the blue develop gambling addictions. There will be something else at perform.

Acquire Mixed Martial Arts (MMA) as an instance. The sport has exploded on a global level in recent decades, and all people besides the most hardened boxing supporter has to admit that the artwork of the pugilist has turned into a tickling contest when compared to the Best Fighting Championship (UFC).

Even so, New York is the only condition in the US wherever MMA is illegal. Here’s the best bit and why I loathe politics so a great deal. The tale offered relating to the illegality of MMA is just one of barbarity. Even so, UFC president Dana White has a distinct perspective, and just one I think carries a ton of weight. Talking to White mentioned of the ban:

“It has very little to do with combined martial arts. It has to do with the Culinary Union. The Culinary Union is spending thousands and thousands of bucks of all these individuals who pay back dues to retain us out of there since my associates, the Fertitta brothers, are the greatest non-union gaming enterprise in the place.”

It appears to be someone may perhaps have completed something to please the Culinary Union since the State Assembly a short while ago handed a invoice to legalize the sport, and it reportedly has the backing of New York State Governor Andrew M. Cuomo.

When on the web poker could not have the energy to deliver the cliff partitions crashing down. The persistent battering of on the web poker, MMA and Everyday Fantasy Athletics (DFS) could do the task. Regulation of DFS is also incorporated in April’s spending budget system.

In an report created by the New York Instances, Assemblyman Daniel O’Donnell, a Democrat who opposes the MMA invoice mentioned: “When will it prevent? When will we basically say: ‘You know what? We really don’t have to go alongside with each and every other condition?”

And if the genuine causes guiding the lock down on on the web poker and DFS was since of fears of gambling difficulties, and the lock down on MMA was the panic of individuals putting ankle locks on strangers in the road, then he would have a place.

But it’s not is it?

Some individuals think it’s about revenue.

I are inclined to facet with Frank Underwood’s perspective on things:

“Money is the Mc-mansion in Sarasota that begins slipping apart after 10 decades. Ability is the outdated stone constructing that stands for hundreds of years. I cannot respect someone who doesn’t see the variation.”

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