MONTICELLO — The Town of Thompson recently received the first quarter distribution check from the New York Gaming in the amount of $469,242.30.

"The last quarterly check was very close to the amount we expected. While revenues generated by Resorts World Catskills are less than some expected, there is no impact on our Town Budget,” said Thompson Town Supervisor Bill Rieber Jr. “The Town Board was cautious at budget time last year, and we felt that we didn't want to rely on gaming revenues for a casino that hadn't opened at that time.”

Rieber further stated, “Revenues received this year will affect next year's budget and result in a tax rate decrease. In my analysis of the resort, I figured we would track about $2 million annually in the beginning, and it looks like this is an accurate number.”

Moreover, “We are optimistic that the revenues will increase going forward as the Monster Golf, YO1 and the Kartrite Waterpark come online creating a true destination resort region. Again, we are deliberately cautious with gaming revenues until they mature and are reliably consistent."

This response comes after recent corporate earnings and Securities and Exchange Commission reports that Empire Resorts' revenue is far below what is needed to cover the business's expenses.

According to the reports, Empire Resorts operating cost for the second quarter is $71.5 million. Meanwhile, Resorts World Catskills only earned $49.1 million in revenue for the quarter, a $37.2 million loss.

When the casino filled out their initial license application, they projected the casino would bring in $300 million in Gross Gaming Revenue (GGR) in its first year.

As of July, the casino has earned little more than $70 million in GGR. If the trends continue, the casino is looking to make $140 million for the year, well below their originally projected amount.

Since its opening in February, the casino has reported between $9 million to $12 million GGR.

According to the Moody's, an investment analytics service, the firm is looking to downgrade Montreign Operating Company, LLC's rating to Caa1 for debt “in poor standing.”

Montreign, a wholly-owned indirect subsidiary of Empire Resorts, Inc. owns and operates Resorts World Catskills which opened its doors to much fanfare in February.

“Given Resorts' monthly gross gaming revenue performance since opening this past February, without a significant near-term improvement in revenue, Resorts will be challenged to support its annual fixed charges going forward, about $75 million," stated Keith Foley, a Senior Vice President at Moody's.

When asked for comment on the downgrade, Empire Resorts Executive Vice President Charlie Degliomini declined to comment due to, “public company disclosure restrictions.”

According to the New York State Gaming Commission here is the break down for the casino's GGR for 2018 so far:

February $9,019,456

March $12,404,694

April $10,827,967

May $11,713,454

June $13,227,407

July $13,096,015

Thompson's Casino Revenue:

February $129,024

March $152,294

April $148,776

May $154,043

June $166,424

July $172,813

Sullivan County's Casino Revenue:

February $129,024

March $152,294

April $148,776

May $154,043

June $166,424

July $172,813

Table Games GGR:

February $3,231,407

March $5,771,285

April $4,090,363

May $4,729,563

June $5,992,064

July $5,201,617

Slots Machines GGR:

February $5,788,049

March $6,204,878

April $6,319,730

May $6,584,505

June $6,830,122

July $7,402,268