Is del Lago Casino still seeking a financial bailout from the state?

del Lago Resort and Casino in the Town of Tyre (CNYCentral File Photo)

Three months after the co-owner of del Lago Resort and Casino went to Albany asking for financial assistance from the state, he was back.

Thomas Wilmot traveled to Albany on June 12 to meet with members of Gov. Andrew Cuomo's Division of the New York State Budget, the agency confirmed to CNYCentral last week.

The topics of conversation in the meeting weren't made clear by the state and del Lago representatives have not responded to requests to comment.

The visit came just as state lawmakers were wrapping up the 2018 legislative session.

Wilmot went to Albany back in March to request amending the casino's tax break after first-year revenue shortages. Cuomo denied the request, saying he doesn't want the state to get into the business of bailing out private businesses.

The casino, located in the Town of Tyre in the northern Finger Lakes, opened in February 2017 as part of Gov. Cuomo's statewide casino expansion initiative. Though advertised as cash cows, del Lago is one of several new upstate casinos that saw first-year slot machine and table game revenue finish far short of what was originally projected.

According to the Associated Press, del Lago generated $113 million in gambling revenue in its first nine months, far short of its $263 million projection.

In January, Moody's Investor Services downgraded del Lago's credit rating from stable to a negative. At the time of its initial rating, Moody's expected that del Lago would ramp up to about $250 million of net revenue in its first full year of operations. The casino has consistently reported gross gaming revenue of about $12.5 million per month, according to Moody's. Del Lago's gross gaming revenue only hit about $150 million.

A spokesman for del Lago in March blamed over-saturation, as several new state-run casinos and Indian nation gaming facilities have opened across upstate New York in the last few years. He also said the industry was slated toward the tribe-run casinos.

Rivers Casino in Schenectady also requested and was denied a tax break in March.

close video ad
Unmutetoggle ad audio on off