Resorts World Catskills Plans Golf Course, Indoor Water Park by Next Year
New York's most luxurious casino is struggling. Revenues at Resorts World Catskills fall significantly below projections. While the casino considers filing an appeal for state tax relief, it is moving forward with expansion plans to build a golf course and indoor water park by next year.
Charles Degliomini, executive vice president of Resorts World Catskills, does not want anyone to judge the casino for the revenues it has brought in to date. According to Degliomini, the casino's failure to meet projections has been an unfortunate issue of circumstance.
Degliomini argues that the business is only operating with one of the four pistons in its engine. He is referring to the fact that Resorts World's gaming floor opened before the property had time to construct its hotel suites and other amenities. So to those who say Resorts World has failed to provide the revenues it promised in its license proposal, Degliomini says it is too early to make such a call.
In the casino industry, a measure called “wins per slot” is the golden standard for measuring a casino's performance. Wins per slot is the amount of money left in a slot machine after all winnings have been paid. According to global industry standards, any win per slot below $200 low and may indicate the business is not sustainable.
Since opening, Resorts World Catskills has seen its win per slot hover right around $100, an amount experts say is very low in the casino industry. Only one of New York's new casinos, Rivers, beat the $200 mark in wins per slot in May, reaching $247.