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Sullivan casino owner reports $37M quarterly loss

“Without a rapid and significant increase in revenue, the company won’t be able to meet its interest obligations,” said Keith Foley, a Moody’s senior vice president and gaming-industry expert. “At some point, the company may not be able to cover its current level of operating expenses.” “The real question is: How do they ramp up fast enough to cover their fixed charges?” Foley added. An unspecified amount of Empire Resorts' operating losses and interest expenses came from the Monticello Casino and Raceway. Opened in 1958, the racino features video gaming machines and harness racing. It has been a major money-loser over the past decade.

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