Industry Reports

Resorts World Catskills Teams Up with bet365 Eyeing Sports Betting Operation

Empire Resorts is well known for its diverse gaming offerings which are set to be elevated by a brand new deal inked only recently between Resorts World Catskills’ parent company and bet365. The major online sports betting operator entered the arrangement through its New York affiliate Hillside LLC, pouring some $34 million as to add some 4.9-percent to its existing stake in Resorts World Catskills

The partnership is essential for the field, as it is striving to elevate the future sports betting field, as well as the overall performance of the casino resort. With the help of this new partnership, the location is going to welcome a land-based sportsbook situated in the brick-and-mortar facility.

Furthermore, in an attempt to provide players with an easy access to the gaming offerings available on site, the operator is going to introduce mobile sports betting as well.

Future Sports Betting Operation Anticipated

Since people rely more and more on their phones for entertainment, sports wagering via this platform is projected to be even more successful than the land-based one. Online gaming provided through the collaboration between bet 365’s subsidiary and Empire Resorts is also in the plans, but for the time being state lawmakers have not made much progress in this direction.

With this move, the casino developer and operator is willing to make the recently launched casino resort even more appealing and to ensure that its spot in the budding sports wagering field of New York is reserved. This February witnessed the official launch of Resorts World Catskills which was the fourth commercial gambling venue in the region of Upstate New York.

The location has been through a rough patch in its first months of operation, but this kind of support provided by a leading entity in the international sports betting field is projected to boost it. The arrangement will span over the next 20 years of operation. As it has been confirmed, the two companies will divide equally all profits generated through the operation, further solidifying the mutually beneficial arrangement once sports betting launches operation in New York.

Resorts World Strives to Become Sports Wagering Leader

It has also been confirmed that this new partnership could result in bet365’s acquisition of more shares in Empire Resorts, increasing its overall stake to 7 percent once legal sports betting launches. Money-wise, this equals an investment of $16 million. It is no secret to anyone that the sports field in the state of New York is one of the most promising ones with the potential to become even more popular than Nevada’s one once it commences operation in a legal manner.

This is the main reason why operators have set their eyes on developing in the region and reserving their spot in the future field as early as possible. The state regulators are also willing to see applications and welcome companies filing their applications.

Resorts World Catskills recently made it clear that Q3 of 2018 saw losses of $33.7 million, marking a slight improvement when compared to the reported $37.3 million loss in the second quarter of this year. Next year might see the long-anticipated greenlighting of sports wagering accompanied by the timely launch of the new premium sportsbook.