Catskills Casino Hemorrhaging Money But Hanging On
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Catskills Casino is struggling to make money. Mobile sports betting is coming to New York State next year. Up to three casino licenses can be issued in the New Yorkers by December 2022. MGM Resorts paid $1.5 billion for Yonkers Raceway and Empire City racino in 2019.
Catskills Casino opened in February 2018. It is owned by Malaysian gaming giant Genting. The law passed in 2013 allowed for up to four casino licenses, but all well north of New York City. New Jersey's Meadowlands Racetrack continues to eat New Yorkers lunch when it comes to sports betting. Resorts World sportsbook is the only place to make a legal bet in the Catskilled region. The U.S. Supreme Court in May 2018 opened the door for any state to permit Las Vegas-style sports gambling.
The seven-year moratorium on the issuance of casino licenses in the New York City area was designed to give the upstate casinos a chance to establish themselves before facing competition to the south. All four failed to meet revenue expectations. Genting has had to pour in $40 million last spring, $150 million in August, and $20 million more last month to enable the property to stave off bankruptcy. The company shuttered its video lottery terminals at nearby Monticello Raceway after the Catskills casino opened. It plans to deploy them at the newburgh Mall.
