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US – Struggling del Lago asks for tax breaks and a fair marketplace
By Phil - 28. März 2018
Having only been open for just over a year, the US$440m del Lago Resort & Casino in the Finger Lakes in Upstate New York is hoping to secure a better tax rate to ease its struggling revenues.
It has accused one of competitors the Seneca Nation of Indians in western New York of not paying its taxes and reinvesting that cash on marketing incentives to take players from del Lago saying this was ‘a blatantly unfair competitive disadvantage.’
Tom Wilmot, the main Owner of the casino, said the property needed ‘some help’ adding that whilst it was ‘paying the bills’ the venture would not be ‘sustainable’ long term.
Casino spokesman Steven Greenberg explained that the Seneca Nation ceased making tax contributions to New York state and to the local governments last year. allowing it to reinvest $50m into additional promotions and incentives in the Rochester area, to take customers from del Lago. He has asked for ‘a fair, competitive market place.’
Del Lago pays 37 per cent to the state on its slots and 10 per cent on its table games whilst the Oneidas are taxed at 27 per cent of the slot revenue but nothing on the table games revenue.
The Senecas slammed del Lago’s claims, saying they had ‘unrealistic expectations’ when they applied for their gaming license.
The property fell $100m short of its estimated first year of earnings and was downgraded by Moody’s in January from ‘stable to ‘negative.’
Keith Foley von Moody's sagte: „Trotz der Tatsache, dass das Del Lago Resort Casino pünktlich und im Rahmen des Budgets eröffnet wurde und die gesamten Glücksspieleinnahmen in seinem Hauptmarktgebiet erheblich gesteigert haben, liegt der Umsatzanstieg der Immobilie deutlich unter den Erwartungen von Moody's. Ohne eine wesentliche Verbesserung der Einnahmen wird del Lago nicht in der Lage sein, ein Leistungsniveau zu erreichen, das seine bestehende Fremdkapitalstruktur unterstützen kann.“
Del Lago wurde am 1. Februar 2017 mit fast 2,000 Spielautomaten und 100 Tischspielen eröffnet. Die Eigentümer hatten für das erste Jahr einen Gaming-Umsatz von 250 Millionen US-Dollar prognostiziert.
It generated around $147m in revenue in its first year around 44 per cent below expectations.
