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Resorts World Catskills: After slow start, casino hopes for strong summer

The company, owned primarily by billionaire KT Lim, the chairman of the Malaysia-based Genting, projected gross gaming revenue of $300 million in 2019 when it was awarded its license in 2014. "They will need to get up to $6 million minimum a week this summer to have any chance to survive," Woinski said. "I hope it happens." Resorts Worlds' revenue has been on par with del Lago and Rivers, but Resorts World was more than twice the investment: del Lago cost about $425 million; Rivers cost $300 million. Tioga Downs received a gaming license to turn its video-lottery terminal hall into a full-scale casino, but it is much smaller with 943 slot machines compared to 2,156 for Resorts World. Resorts Worlds' closest competition, meanwhile, is Empire City Casino in Yonkers, which is doing about $330 a day in net win per machine — so three times what Resorts World has brought in so far. The other upstate casinos also failed to come close to meeting their projections in their first year after winning a competitive process for gaming licenses. More: How upstate's new casinos are underperforming A look inside the Resorts World Catskills casino, under construction and opening soon in Monticello Jan. 25, 2018. Peter Carr/The Journal News MGM earlier this month announced plans to purchase Empire City, bringing another casino giant into the downstate New York City region.  Then, as early as 2021, New York has three additional casino licenses it could give out — presumably in the metro area. "It is a competitive market that is somewhat oversaturated with the number of casinos given the population base," said Tim Little, a credit analyst with Standard and Poor's.

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