New Mega-Resort And Casino Needs Financial Help In Catskills
What was once one of the most popular tourist destinations in the country, has now become nothing more than seasonal. The Catskills still have hope that they can once again become a leader in the tourism industry.
Louis Cappelli has had a vision of how gambling and the Catskills could become one. His vision included a casino, but was much bigger than just that. He also had golf, entertainment, food, a water park, and shopping on his mind.
His dream is close to becoming a reality, but before it does, the plan will need some financial assistance from the state. Cappelli has waited all legislative session long to hear the good news that so far, has not come.
In order for the mega-resort to become reality, legislators will have to sign off on the deal. Local officials are behind the plan that would involve Monticello Raceway. The race track has the right to operate video gambling terminals.
While local officials are behind the plan, legislators have yet to approve it. If it does not happen before the end of the session, it could become just another in a long line of failed ideas involving bringing gambling to the Catskills.
Cappelli and track owner Empire Resorts have already given the plan to legislators, and are now just waiting on an answer. “It would be simply impossible to move ahead with the project without this sort of assistance,” he said.
Tropicana Begins Restructuring With Yung Stepping Down As CEO
Tropicana Entertainment Holdings, LLC has begun the first phase of their redevelopment. They will be doing so with a new CEO after William Yung stepped down from the position.
Tropicana, which has filed for bankruptcy is now in the process of regrouping and moving forward. Yung will still be with the company, and will serve on a newly appointed Board of Directors.
President Scott C. Butera will serve as the new CEO. The company is restructuring after losing their license in New Jersey for failing to maintain a first class casino. They reached that point after performing poorly and having severe layoffs.
“Forming an independent Board of Directors is a critical first step in our planned restructuring,” said Butera, the new CEO. The Board will be responsible for several different areas of day to day operations.
They will have litigation committees and also gaming regulatory compliance committee. The Board will also put together a committee that will focus on independent audits. This move comes on the heels of the company filing for bankruptcy last month.
Three directors in addition to Yung and Butera have been hired. Thomas Benninger, Bradford S. Smith, and Michael G. Corrigan all have been added and come with high credentials in the areas of regulatory experience and financial restructuring.