This week’s casino news follows up on a story from last week where the Resorts World Catskills was nearing bankruptcy. Fast forward to this week and they’ve found a solution to their financial woes.
Genting Group Purchases Upstate New York Casino
Last week, it was reported that the Resorts World Catskills was on the brink of bankruptcy. This week, they’ve found a buyer to help them get out of financial trouble.
The Genting Group has purchased the Resorts World Catskills from Empire Resorts. The announcement comes less than two weeks after the casino’s parent company considered filing for Chapter 11 bankruptcy. Empire Resorts announced the sale with all of the remaining shares of its $1.2 billion Las Vegas-style casino in Monticello set to transfer over to the Genting Group in the deal.
The Genting Group was already the largest investor in this particular casino, owning 86-percent of the shares before they completed their most recent deal. According to reports, the Genting Group purchased the remaining shares at about 15-percent more than their current market value. Following its latest purchase, Genting Group now has a total of 40 casinos in its portfolio. The expectation is that the sale is to be completed at some point before the end of the calendar year.
Las Vegas Sands Corp Facing $12 Billion Lawsuit In Macau
The Las Vegas Sands Corporation is facing a $12 billion lawsuit from a former business partner in Macau. According to reports, the Sheldon Adelson-owned business is being sued over an alleged breach of agreement over Macau Gaming Bid. The Asian American Entertainment Corporation is suing both the Las Vegas Sands Corporation and three U.S.-based subsidiaries surrounding Sands’ successful bid for a Macau gaming license all the way back in 2002. The initial hearing, in this case, will take place on September 11 in Macau.
This isn’t the first time Adelson’s company has run into hot water in Macau. Sands and Chinese businessman Richard Suen were in a legal battle last March that was settled out of court for an undisclosed amount. Despite the fact that they are headed to court again, Adelson’s company is still looking to expand its operations throughout Asia. That includes recently announced plans to open a casino located in Japan. It will be interesting to see how things play out with obvious interest from both sides in the midst of the latest lawsuit against the Las Vegas Sands Corporation.
Dallas Cowboys Owner Gets Endorsement For $225 Million Casino In Arkansas
Dallas Cowboys owners Jerry Jones will reportedly look to extend his impressive portfolio with plans to build a $225 million casino in Pope County, Arkansas. Government officials in the state have endorsed the plans laid out by Jones’ hospitality company Legends Hospitality, which partnered with the Cherokee Nation based in Oklahoma to build the casino proposal.
The initial pitch included 1,200 slot machines on the casino floor, a 200-room hotel connected to the building, an outdoor water park and a music venue. Jones’ company was competing with five other operators that were seeking approval from the state to land the fourth and final gaming license available in Arkansas.
Last November, Arkansas voters passed a ballot initiative to bring casinos to the state. Now it appears one is on the way with Legends Hospitality and the Cherokee Nation partnering together to make it happen in the very near future.