Brick-and-mortar real money casinos all across the United States are viewed by local government officials as the perfect solution to filling in the gaps that exist in any municipalities’ annual budgets. From the state government level right down to the small cities and towns where these real money casinos are located, optimistic revenue projections that are not met take a direct bite out of the annual projections for any operating budget.
New York’s Resorts World Catskills opened its doors to real money gambling customers on Feb. 8 of this year to much fanfare as the financial boon needed to revitalize this part of the start. At a total cost of $1 billion to build, it was also a very ambitious venture for Resorts World as the parent company. According to a recent report on Lohud.com by Joseph Spector as a part of the USA Today Network, the early performance of this casino could be considered a major disappointment.
Why Is Resorts World Catskills Counting Heavily On Summer Revenue?
Resorts World Catskills is the largest real money casino in upstate New York among the four gambling halls located in that part of the state. It also has the dubious distinction of being the worst performing casino of the four when it comes to the average revenue it has been taking in over its first four months in business. Making matters worse, the other three upstate New York casino could be considered to be underperforming as well.
State records have indicated that the average net win per day for the casino’s real money slot machines is just $102 per unit. The net win per day is normally calculated by counting the money left in each slot machine after all the payouts to winners.
Comparisons To Rivers Casino & Tioga Downs
In comparison, those same state records calculated that the net win per day for Rivers Casino Resort in Schenectady since April 1 has been $257. That figure moves to $211 per day for Tioga Downs in the Southern Tier and to $154 per day at del Lago in the Finger Lakes. The latter casino has already turned to New York for a bailout due to these sagging revenue figures.
There is still optimism that the upcoming summer vacation season will drive these numbers back up to a profitable level. Resorts World points to a soft opening in February. Only recently has the resort’s 332 all-suite rooms, restaurants, and convention space become fully operational.
What Does The Future Have In Store For Resort World’s Catskills?
The company also points to the fact that the property is still not fully built out with plans for an entertainment village that is expected to open by the end of the year. Also in the works for Resorts World is the Kartrite Hotel & Indoor Waterpark, which is slated to open early in 2019. There are also plans for a golf course for the summer of next year.
Resort World’s Charles Degliomini is the company’s executive vice president and he was quoted in this report as stating, “It’s still way too early to tell as to what our eventual performance will be. We just fully operationalized the casino, and still have the waterpark, golf and entertainment village pending.”