THOMPSON — According to a recent filing with the Securities and Exchange Commission (SEC), Empire Resorts, the parent company of Resorts World Catskills Casino, has reported a third-quarter loss of $26.4 million.

When compared to last year, the casino reported a loss of $33.7 million in its third quarter of 2018.

The filing also states that in the third quarter for this year, the casino brought in $69.5 million in revenue but had an operating cost of $79.2 million.

This time last year, their revenue was $59.9 million, and their operating cost then was $77.8 million.

The report also stated that on August 18, 2019, Empire Resorts agreed to merge with Hercules Topco LLC, a Delaware limited liability company and Hercules Merger Subsidiary, Inc., a Delaware corporation.

According to the filing, Empire Resorts has scheduled a special meeting of the stockholders for November 13. At the meeting, they plan to ask the stockholders to consider and vote upon a proposal to approve the merger.

A source close to Empire Resorts said that year over year for the third quarter, there has been a 39 percent increase in performance.

If approved, the merger will address the long-term debt issues and will create a more sustainable path for the company according to the source.

The merger is expected to close in the fourth quarter of 2019, and the stock will be delisted from the Nasdaq Stock Market according to the filing.

Moreover, at the November 13 special meeting, the shareholders will also vote on the offer from K.T. Lim's company of Kien Huat and GentingMalaysia of $9.74 per share of common stock.

Since August 2019, the price of the stock for Empire Resorts has averaged $9.73. On November 12, 2018, the stock was trading at $7.71, finishing the 2018 year trading at $10.13.

Thompson gains

Despite the loss, the casino is still paying out their share to the Town of Thompson and Sullivan County. In 2019 alone, the casino has paid out a total of $2.3 million to Thompson and the county.

“The Town of Thompson's quarterly fees have been rising every quarter since the casino opened with the exception of the third quarter of 2018, generating $1.86 million in 2018,” said Thompson Town Supervisor Bill Rieber Jr.

The town has also received approximately $635,000 a year from Monticello Raceway, according to Rieber.

“These revenues have allowed Thompson to make significant investments in equipment and buildings while lowering the tax rate five percent or more in 2019 and 2020,” added Rieber.

At the November 6 Thompson Town Board meeting, Rieber stated the casino has an expense problem and not a revenue problem.

Rieber said, “I am convinced that if they can get control of their expenses, especially interest expense, the steadily increasing revenues will begin to paint a better picture.”