Empire Resorts filed with the Securities and Exchange Commission last week and reported a $138.7 Million loss for the 2018 financial year, according to the Times-Herald Record.
The casino company also reported a loss in 2017 of $46.3 million. These increased 2018 losses come after revenues grew over 150%.
Empire Resorts opened The Resorts World Catskills in February 2018, and the new casino is valued around $1 billion. But the expansion is yet to deliver profits for Empire Resorts.
The Catskills casino has underperformed and was reportedly delivering 50% of expected revenue.
“If regional and national economic conditions deteriorate or if competition further intensifies, we could experience decreased revenues from our operations and could fail to generate sufficient cash,” the company said in an official statement.
Due to the Catskills casino not delivering on profits, Empire Resorts is looking to sports betting as a way to expand profits. Sports betting is not currently legal in New York and legislation is currently ongoing.
“We are unable to determine whether and which, if any, legislation will be enacted and what effect it will have on our operations and our prospects,” the company added in their statement.