MONTICELLO – The company that owns Resorts World Catskills and Monticello Raceway is considering filing for reorganization under Chapter 11 of the federal bankruptcy laws.
Empire Resorts, which opened the casino-resort over a year and a half ago, has been losing money hand over fist, and in the latest filing with the federal Securities and Exchange Commission, the company said if it cannot secure financing to bail it out, it may have to go the bankruptcy route.
The Malaysian casino organization that owns gambling facilities around the world, and owns a majority of the stock in Empire Resorts, has made an offer to purchase the remaining equity in the business, but a special committee established to consider options before the company has yet to make a recommendation.
Empire Resorts already shut down its electronic gambling operation at Monticello Raceway in April to save money and drive more customers to the new casino and also got the state’s permission to scale back the number of slot machines at Resorts World.
