THOMPSON - On Wednesday, November 7, Empire Resorts, the parent company that owns Resorts World Catskills and Monticello Casino and Raceway, filed their third-quarter report with the Securities and Exchange Commission (SEC) that showed a $33.7 million loss.

According to the report, the casino revenue for the third quarter was $59.9 million, and its operating expense was $77.8 million.

The majority of the loss comes from the long-term accrued interest on their $518 million debt. The company paid $15 million in interest this quarter alone.

Since Empire Resorts also owns Monticello Casino and Raceway - locally known as “The Racino” - the report includes both locations' debt. Last year, The Racino reported a $14 million loss in their third quarter.

When Resorts World Catskills Casino opened its doors in February 2018, many of the amenities were not fully realized, like the high-end poker rooms which recently opened during the summer and some hotel rooms that were not finished at the winter opening.

“Resorts World Catskills has continued to see growth and improvement, having be­come the highest grossing full commercial casino in New York in Q3 of this year,” said Ryan Eller, President/ CEO of Empire Resorts.

According to Eller, 1,700 new jobs were created since opening their doors.

He said that more employees would be hired once the rest of the casino campus is operational.

“We are continuing development of this integrated resort, which will not be complete until the summer of 2019,” added Eller.

To help with this quarter's loss, K.T. Lim, the Malaysian Chinese billionaire, has committed to purchasing $126 million of preferred stock between now and 2020 through a family trust - Kien Huat Realty III Limited.

K.T. Lim is the Board Executive and Chairman of the Genting Group, which owns and operates casinos throughout the world and its holding company, Empire Resorts, owns the Resorts World Catskills Casino and the Racino.

According to the commitment letter, the first stock payment of $12 million has to be no later than November 9.

“While the numbers are disappointing, my view is that Resorts World Catskills has a major investor with deep pockets who is committed to the success of the resort,” said Thompson Town Supervisor Bill Rieber Jr. “This is better than the last report.”

While still in the red, Empire Resorts' third quarter losses represent a 10 percent improvement over their second quarter.

Additionally, the $59.9 million in gaming revenue saw a 22 percent increase over last quarter.

Soon the casino complex will be expanded with two projects which are currently under construction. The Entertainment Village, a mid-level, 101-room hotel and the Kartrite Waterpark are all anticipated to raise revenues.

“We are expecting this new amenity to bolster our mid-market overnight stays and activate our convention and trade show bookings,” said Eller.

A classic attraction for the Concord Resort Hotel, the Monster Golf Course, is under construction and, according to Rieber Jr., should begin operating in 2019.

“The economic benefits to our region are remarkable, and the spin-off effect is irrefutable,” said Rieber. “We are experiencing low unemployment, increased sales tax, much better retail and real estate markets and three years of lowered taxes.”

For 2019, residents of Thompson can expect an eight percent decrease in taxes, according to Rieber. Also for 2019, Thompson has budgeted $1.2 million of expected revenue from the casino for next year, which is a conservative number, according to Rieber.

“Resorts World Catskills is the prime reason that this region is experiencing unprecedented prosperity,” said Eller.

This year alone, according to New York Gaming Commission, the casino has paid the Town of Thompson $1.3 million through September 2018.

“The hospitality industry typically has a two to three-year ramp up to profitably. The Town of Thompson is in this for the long haul, and we are very optimistic about the future,” added Rieber.