One day after we learned its General Manager and Executive Vice President was leaving, it was reported by USA Today online Tuesday that del Lago Resort and Casino officials are in Albany asking the state for help.
Casino owner Tom Wilmot told the newspaper he’s hoping for at least a lower tax rate be paid by del Lago to New York. A report from Moody’s Investor Services in January showed the firm downgraded del Lago’s Corporate Family Rating to a negative outlook. Analysts expected the casino to make 250 MILLION dollars in the first year, but one year in, Moody’s says the casino made around 147-MILLION. In Moody’s opinion revenue is lagging because there are too many casinos too close to del Lago.
Statement from del Lago Resort & Casino Spokesman Steven Greenberg:
“As it starts its second year, del Lago faces a blatantly unfair competitive disadvantage.
When del Lago sought and won its casino license, it was done based on circumstances that have now significantly changed.
The Seneca Nation stopped making payments to both New York State and to the local governments last year. What are they doing with that newfound windfall? Using more than $50 million to provide additional promotions and incentives – particularly in the Rochester area – to lure customers from del Lago. And it’s working.
Del Lago can compete on an even playing field but not one that’s tipped so heavily toward the Senecas.
All del Lago is looking for is a fair, competitive marketplace. Unfortunately, the Senecas have upset that applecart and now del Lago is seeking to level the playing field.
Our first year has proven how valuable del Lago is to the Finger Lakes region. We want to continue to expand and bring even more tourism and economic development to Seneca County and the surrounding counties.”