Industry Reports

Monticello Casino Closed for Business as Gambling Venues Miss 2018 Revenue Projections by $350M

In an attempt to optimize its current operation Empire Resorts recently announced it is going to shut down gaming operation at Monticello Casino and Raceway. This will happen on April 23 but players should not be concerned that they will be deprived of the chance to participate in casino activities. The casino operator is going to focus on Resorts World Catskills and what the newest casino location in Upstate New York has on offer.

Over the years concerns of casino field cannibalization have been swirling around, as many people directly involved in the industry have been concerned about it. Too many gaming venues have the tendency to fight over players if the player pool is not that substantial. Upstate New York is known for its diverse operation with venues to the likes of Rivers Casino in Schenectady, Tioga Downs, and Del Lago Resort and Casino. However, for the past several years their gambling revenue is failing to reach the optimal projections and this leads to necessary changes.

Empire Resorts Redirects Players to Resorts World Catskills

Monticello Raceway is on the verge of a serious change, as the upcoming couple of months are going to set the tone for future operation. The last days of April are going to be last days for gambling operation on site of the racetrack. Once this day comes, Monticello is going to provide its customers with horse racing solely, as it has been in operation ever since 1958. At the moment there are around 1,100 video lottery machines in operation.

People have been enjoying the entertainment possibilities available on site, but it should be taken into account that the most recent revenue reports have been disconcerting for casino operator across New York. Resorts World Catskills might be the newest integrated resort in the area, but in the past months, there have been issues with its gambling operation seeing fewer people than initially projected.

The number of people making their way to the casino venue available on site is in need of a boost and this is exactly what Empire Resorts is willing to do with this move. The player pool currently drawn to Monticello Casino is expected to make its way to resorts world Catskills once the racino closes operation. All workers currently employed at Monticello will have the chance to receive permanent employment at Resorts World in a similar position.

Casinos Failed to Reach Gambling Revenue Projections

This is a pivotal point in Monticello Raceway’s development, which received a permit for gambling offering in 2001. In the year 2004, this gaming location welcomed its first casino patrons and ever since then operation has been ongoing. In this sense, the change might bring the feeling of nostalgia to players, but it is all done for with improvement in mind. Resorts World Catskills will continue allocating portions of its gaming revenue to the state.

Racetrack purses are also going to benefit from the casino venue operation. Assembly Racing Committee chairman Gary Pretlow, D-Mount Vernon pointed out that the casino closure happens without the state greenlighting it. Moreover, the revenue-sharing agreement remains the same as of now, which could raise questions in the future. Most recent revenue reports state that the four casino venues missed the estimated gaming revenue with $350 million.

Rivers Casino in Schenectady performed best among all four venues, marking $152.5 million in gaming revenue over 2018. Resorts World Catskills launched operation in February 2018 and over the following months, it amassed some $87 million. April 23 could bring change and a surge for the venue.