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Peninsula Pacific Takes Full Control of Struggling del Lago Casino

A bold new chapter begins for del Lago as its original founders step aside. Can Peninsula Pacific turn the tide for this embattled casino?

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The image shows an old map of the city of New York, with the Hudson River running through it. The...
The image shows an old map of the city of New York, with the Hudson River running through it. The map is detailed, showing the streets, parks, and other landmarks of the area. The text on the paper provides additional information about the map, such as the names of the towns and cities.

Peninsula Pacific Takes Full Control of Struggling del Lago Casino

Ownership of del Lago Resort & Casino has changed hands after the Wilmot family sold its 50% stake to Peninsula Pacific. The deal, approved by the Tyre Town Board, marks a shift in leadership for the Finger Lakes casino. Peninsula Pacific now holds full control of the property, which has faced financial challenges since opening in 2018.

The Wilmot family, who helped bring the casino to the region, expressed confidence in the new owners. They also highlighted the venue's role in creating jobs and boosting local revenue.

The Wilmot family played a key role in developing del Lago Resort & Casino, building strong ties with staff and the local community. Despite their efforts, the casino struggled financially, prompting an appeal to New York Governor Andrew Cuomo for state support. Moody's Investors Service had previously rated del Lago's credit as Caa3, signalling high vulnerability.

While no specific figures on visitor numbers or revenue growth for del Lago are publicly available, New York's casinos overall have shown steady gains. Statewide gambling revenue reached $53 million in February, a 4% increase from the previous year. However, del Lago's individual performance remains undisclosed. The sale to Peninsula Pacific comes as the casino industry faces broader challenges. Resorts World Catskills, another major New York venue, may also file for Chapter 11 bankruptcy. Peninsula Pacific has pledged to transform del Lago into the region's top gaming and entertainment destination. The Wilmot family, though no longer involved in ownership, took pride in their contribution to the area. They noted the casino's positive impact, including new jobs and tourism revenue for the town and county.

Peninsula Pacific now fully owns del Lago Resort & Casino after acquiring the Wilmot family's share. The new leadership aims to strengthen the venue's position in the competitive gaming market. Meanwhile, the Wilmot family's exit ends their long-standing involvement in a project they helped establish.

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