Casino closures

Not all casinos will stay open as long as Casino de Spa in Belgium which opened in 1763 or the 400-year-old Casinò di Venezia on the Grand Canal. Sometimes the slots and tables will move from a riverboat to land as they did in Indiana, sometimes the casinos simply fail due to market forces or mismanagement as many have in Atlantic City. And while rarer, some will simply not open with a viable concept and close within a year as happened in Las Vegas in January 2018.

While not all closures result in the property being imploded, we cover those spectacular events here as well. In some instances a story in this section will lead you to more information in Mergers, Acquisitions and Partnerships; Fines, Lawsuits & Litigation; or Casino Sales. Whatever the future holds for the places haunted by Lady Luck, you will find their stories here.

“Government plans closure of Macau Yat Yuen Canidrome Club”

In Macao, the government has reportedly announced plans to turn the Macau Yat Yuen Canidrome Club into a cultural, recreational, sports and educational facility once the long-running greyhound racing venue is closed next year.

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Monte Carlo conversion to Park MGM complete on the Las Vegas Strip

The Monte Carlo Resort & Casino on South Las Vegas Boulevard was named after more than two decades to call the Place du Casino in Monte Carlo. With the lighting of the new marquee and most signs in the hotel tower, the name change took place on Wednesday, May 9th.

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The closure of the Di Campione casino is causing concern for the local population

In northern Italy, last summer’s decision to temporarily close one of Europe’s oldest casinos has reportedly devastated the host community, burdening over 200 creditors for a total of some € 73 million (US $ 83.47 million).

Lethargic examination:

According to a Sunday report by The Daily Telegraph newspaper, Casino Di Campione has been empty since closure by a Provincial Court in July to investigate allegations of financial mismanagement.

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Phoenix International Club ceases to operate the casino

Starting this morning, the Phoenix International Club will cease all casino activity. The property is located in the Hanoi area of ​​Vietnam and is operated by the Silver Heritage Group, a listed on the Australian Stock Exchange gambling companies.

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Silver Heritage Group Limited agrees compensation agreement with Vietnam

Asian casino operator Silver Heritage Group Limited has announced that it will receive compensation of $ 5.25 million after agreeing a deal in connection with the recent closure of its gaming operations at Phoenix International Club in northern Vietnam.

Casino closure:

The Sydney-listed firm used an official Tuesday file (pdf) to state that it was responsible for a casino on the property near Hanoi, but was forced to cease operations at the beginning of the month as its local partner did not dare to “maintain the gaming license.”.

Conclusion:

Silver Heritage’s records state that the agreement with the unnamed counterparty constitutes a “complete and final settlement of all claims and rights” in connection with its previous alliance and also the entire transfer of its “gaming assets” within the Phoenix International Club the owner includes the property.

Residual deficit:

The Hong Kong-based operator’s notification stated that the equalization amount, which it was to receive in two separate installments, was equivalent to approximately two years of the earnings before interest, taxes, depreciation and amortization expected from the venue in Vietnam. However, the Group announced that it still expects a deficit of approximately $ 1.2 million due to losses of approximately $ 6.5 million related to the most recent closure.

Nonetheless, the motion confirmed that it considers the trade as “generally favorable” taking into account all circumstances and now intends to “cease operations in Vietnam”.

Significant shutdown:

According to a GGRAsia Wednesday report, the Phoenix International Club’s casino accounted for approximately 45% of the unaudited annual revenue of Silver Heritage Group Limited, although the company announced in January that this operation was recently below budget expectations. ‘

Nepalese expansion:

Founded in 2003, Silver Heritage opened its Tiger Palace Resort Bhairahawa Casino Resort just over a year ago. In addition, Silver Heritage is responsible for playing at The Millionaire’s Club and Casino at Shangri La Hotel and Resort, Kathmandu. It is to be hoped that in the next few years it will expand its presence in Nepal by building its play-friendly Tiger Palace Resort Jhapa on an 18.4 hectare property in the extreme southeast of the Himalayas.

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. “

Ongoing activities:

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.

Future uncertain:

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.

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