A reduction in racing dates at Monticello Raceway next year could be on the horizon as officials of parent company Empire Resorts explore options to help lower the increasing losses it is experiencing at its video gaming machine (VGM) parlor.
“We have been deeply affected by an economic tsunami that has damaged both our racing and VGM businesses,” Empire Resorts senior vice president Charlie Degliomini told the Times Herald-Record. “While we realize the importance of our contributions to the county and state economies…our duties as fiscally responsible managers of a public company, we will be obligated to consider various alternatives. These would include scaling back our work force, as well as reducing the racing operation to an abbreviated resort season.” According to figures released by Empire Resorts, the casino at Monticello Raceway is currently losing more than $1 million a month. It reported a $6.2 million reduction in revenue in the quarter ending Sept. 30 compared to a year ago. VGM revenue dropped by $3.9 million from one year ago, with the racing revenue down $2.1 million.
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