It’s only 14 percent, but it could be the difference between success or failure for the struggling New York casino, Resorts World Catskills. Kien Huat, the family trust controlled by Genting Chairman KT Lim, last week said it would start discussions with financial sources to buy the remaining shares of Empire Resorts that it does not own. The publicly traded Empire has injected more than $100 million into the property, which originally cost over $1 billion, to keep it afloat, mostly from a loan arranged by Kien Huat. Since its opening in early 2018, the property has consistently underperformed and required frequent injections of capital to remain afloat.
By purchasing the remaining 14 percent, Lim says he will be protecting thousands of jobs created in the region and be able to meet the economic challenges that come with the property.
“Today’s announcement reaffirms Mr. Lim’s strong commitment to Resorts World Catskills,” said Stefan Friedman, spokesman for Lim. “We strongly believe that taking the company private will result in greater efficiencies and a bright future for Resorts World Catskills, and Sullivan and Orange Counties.
“This is a natural next step for Mr. Lim to take on a larger role in leading Resorts World Catskills as it enters this next chapter. Mr. Lim strongly believes in the long-term potential of Resorts Word Casino Catskills.”
The property includes an 18-story all-suite hotel and a casino featuring 100,000 square feet of gaming action including 150 live Las-Vegas style table games, 2,150 state-of-the art slot machines, a poker room and private gaming salons. RWC includes 10 restaurants, including an Italian steakhouse by celebrity chef Scott Conant. Also included are 27 luxurious garden suites, penthouse suites and two-story villas, the Crystal Life Spa, two indoor pools, and two fitness centers.
The company recently closed down the casino at the Monticello Racetrack and then received permission to open a satellite casino in Orange County, closer to New York City and other population centers.
RWC is just part of an overall development that sits on land formerly hosting the fabled Concorde Hotel that will include a re-designed “Monster” golf course by Rees Jones. An indoor waterpark and hotel, Kartrite, opened in April. Future plans include retail and other entertainment complexes.
