New York’s Suffolk OTB Expands Gaming Hotel
There was a time when the future looked deem for Suffolk OTB Corporation. The company suffered losses of $17.5 million due to the decline in horseracing handle. Also, the high operating costs forced it to file for bankruptcy in 2011.
According to pay per head bookie sources, leaders at Suffolk OTB knew they had to make cuts across the board to right the ship. They did so by selling off assets, reducing headcount, renegotiating or terminating contracts. In addition, they got rid of fewer profitable ventures altogether.
Currently, Anthony Pancella III is in charge as CEO and president. Since he was appointed OTB’s VP and COO in 2010, he has played a crucial role in the company’s recovery.
Suffolk OTB Expands Hotel Property
Despite a $7 million real estate sale, the closure of branches, union concessions, and the massive expansion of Qwikbetz.com online gambling franchisees, the company still required a far more enormous boost to get out of the red and into the black.
In 2013, the state legislature and a vote gave Suffolk OTB and Nassau OTB the green light to build casinos with room for a thousand slot machines apiece. As a result, Suffolk OTB collaborated with Delaware North to transform the former Marriott Hotel in Islandia into a gaming machine wonderland. Bookie software reports identify it as Jake’s 58 Casino Hotel. On the other hand, its Nassau equivalent finally struck a contract to put its machines at the Resorts World casino at Aqueduct Racetrack in Queens.
Jake’s opened in February 2017 with 275 VLTs and expanded to its current size of 725 three months later. Despite closing for part of 2020 because of a COVID outbreak, the casino has proven to be highly profitable, bringing in about $254 million in gross gaming revenue per year. The haul will aid in getting Suffolk OTB out of bankruptcy by 2020. They found out how much money you need to be a bookie. As a result, they handled their finances properly.
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