Resorts World Catskills opened up legal sports betting on September 5th in a move that will help that the once struggling casino that was bought out by Empire Resorts. They also announced partnerships with IGT and Betgenius as part of their new sportsbook venture.
More Legal Betting Options in New York State
Residents of New York will have a new location to make their legal wagers at Resorts World Catskills opened its Sportsbook 360 lounge. Online/mobile betting is still not available in the state as of yet. With the introduction of their sportsbook, RWC will be one of only four locations where you can make a legal sports bet in New York. They also have one other advantage over their competition. They are now the closest legal sportsbook for residents of Manhattan.
Before the acquisition, Resorts World Catskills was a publicly held company, now that they are part of the Genting Group, it will become private so that it can be folded into Genting's already existing portfolio of casinos around the world. The group already owns a casino in the state: Resorts World New York, located in Queens.
"We're in a unique position where we can assist with the management of Resorts World Catskills through our Resorts World New York property at a low cost…" said President of Genting Americas, Ed Farrell, while speaking on how already having an existing casino in the state would help Resort World Catskills resolve their financial troubles.
Resorts World Catskills Turning Things Around
Earlier this year Resorts World Catskills was on the verge of bankruptcy according to their parent company Empire Resorts. That was until they sold their remaining shares to casino giants Genting Malaysia and Kien Huat Realty. The group, who already owned 86% of Empire Resorts outstanding shares, bought out the remaining shares at $9.74 in cash which was 15% more than the closing share price ($8.35). Kien Huat has also agreed to continue providing additional financial support to Empire Resorts which will allow them to meet their debt obligations. Resorts World Catskills had operating losses of $73.5 million for this year through June 30th according to their SEC filings.
Partnership with IGT and Betgenius
At the Resorts World Catskills, IGT will provide the option of betting over the counter or using one of the 14 self-service kiosks offered by their IGT PlaySports technology. Their sports betting platforms are already being deployed in Iowa, New Jersey, Pennsylvania, Rhode Island, Nevada, Mississippi, and Nevada.
As for Betgenius, they will provide sportsbook content such as live sports data feeds support for pre-game and live bet odds of all major sports. They will also offer price management and risk management services.
The Casino is Important to Local Residents
The 18-story casino has 1,000 employees which makes this announcement big news for the local community. The addition of the sportsbook could really be enticing for people that live in the city. When the casino first opened, they had hoped to attract residents of the Big Apple but so far that has not been the case. While the online/mobile option is still not available, the casino itself should benefit from the increased foot traffic they will see from the sportsbook.
The Future of Sports Betting in New York
The next logical step for the expansion of legal sports betting in New York state is the online/mobile option. However, there doesn't seem to be much progress on that front, so for now, gamblers will have to continue making their wagers in person at one of the four legal sportsbooks in the state. With New Jersey being so close, most people in Manhattan are more likely to go there and place their wagers as opposed to driving upstate. Union City in New Jersey is less than seven miles from Manhattan.
As with all of the other states that don't have online betting as of yet, the loss of revenue might be the only thing that gets lawmakers to pay attention.