Empire Resorts stops racing at the Monticello Raceway; “Business Consolidation” with Resorts World Catskills
After announcing in January in a Securities and Exchange Commission (SEC) that the operation of video game machines and the supply of food and drinks should be discontinued at Monticello Raceway in New York, closed the electronic gaming racino on Tuesday, April 23, from 2019.
The website posted the following message …
“Monticello Casino & Raceway will cease operations on April 23, 2019 and consolidate operations with Resorts World Catskills. As we approach the imminent union of our two properties, we want to make sure that this becomes a simple and seamless experience. “
Both will continue to work, according to the Harness Racing and Simulcasting Room website.
The news of the deal was released on January 22, 2019 by the owner of the racino, Empire Resorts (NYNY: NASDAQ GM), which is majority owned by Kien Huat Realty Sdn Bhd of the Malaysian conglomerate Genting Group. Headquartered in Monticello, the company, which is about 90 miles from New York City, is also responsible for the $ 1.5 billion resort World Catskills, which opened in the New York City Catskill Mountains in February 2018.
Focus on catskills:
According to the company, the shutdown is an effort to prevent the Racino from overpaying the revenue of more than 2,000 slots and 150 table games in its Resorts World property. The New York-based company said it intends to focus on growing the casino and hotel business, which opened on 8 February last year at nearby Kiamesha Lake.
In a previous report, Empire Resorts announced that horse races will continue in the Racino. Neither the written statement nor the SEC application provided any guarantees as to the long-term future of the racetrack.
Representative Aileen Gunther represented the majority of the Sullivan district and voiced concerns about the closure and future of the racetrack, which has been part of the district’s history since its opening on June 27, 1958.
“Right now, we are making some plans to make sure that the Racino, as we wrote in the constitutional amendment, should support the purses and how we proceed,” said Gunther, who is used for something positive in the community, “reports the Daily Freeman.
Concern for the future of the racetrack was shared by County Legislature chairman Luis Alvarez, who …
“This is part of the district of Sullivan and has been around forever and people are coming from all over the area to do harnesses, I’m a little worried.”
Alverez said he does not believe horse racing has a future in New York, according to Times Herald Records reporting in January.
Empire said in its January release that around 40 employees will be staying at Monticello Raceway, while the other 160 employees of the casino operation will be able to opt for compensation packages or positions at Resorts World Catskills, which are only about 10 minutes away.
A grain of salt:
While some remain optimistic about the future of the nearly 60-year-old racetrack, it would not be the first time that a company had to utter its words, according to the statements reportedly by the Executive Vice President of Governmental Affairs and Empire Resorts, executive vice president, were made corporate communications, Charlie Degliomini, who said at the time that despite the opening of the then new 1.6 million square foot, luxurious five-star casino in Thompson, the Harness Racetrack and the racino no risk of closure All functions of the venue remain intact.