A California investment-management firm is looking ahead to the future of del Lago Resort & Casino now that it’s the sole owner following the Wilmot family’s sale of its 50-percent stake in the property in August.
Since the sale, the casino resort has added a retail sportsbook for betting on sports contests. And, state data indicates gaming revenue is growing at del Lago compared to the year-earlier period.
Del Lago is located in the Seneca County town of Tyre on property that is visible to motorists traveling in either direction along the New York State Thruway. Its address is 1133 State Route 414 in Waterloo.
WILMOT FAMILY SELLS
The Wilmot family sold its 50-percent stake in del Lago to its business partner — Los Angeles, California–based Peninsula Pacific — in a transaction that the Tyre Town Board approved during a meeting held in mid-August.
“We have been partners with the Wilmots since the very beginning in the formation of del Lago Resort & Casino,” says Brent Stevens, founder, chairman, and CEO of Peninsula Pacific. “From our perspective as now sole owner, it’s really about just the ongoing commitment to this property; to our vision for the property, the employees, the local community … to be the premier source of gaming and entertainment in the Finger Lakes region.” Stevens spoke with CNYBJ in a phone interview on Oct. 8.
Tom Wilmot, Sr., chairman of Rochester–based Wilmorite, on Aug. 15 reacted to the sale in a statement that del Lago provided CNYBJ. Wilmorite is a commercial real-estate development and management company.
“We have tremendous pride in the development of del Lago Resort & Casino and the role we have played. The transfer of corporate equity shares to Peninsula Pacific is an opportunity that will have long-term benefits for all owners, patrons, and the community. We selected Peninsula Pacific as a partner when the concept of del Lago originated, and we still have full confidence in the leadership. The Wilmot family has built long-term relationships with the staff and community and have been an integral part of the property. Del Lago Resort & Casino is good for our community. It has created employment opportunities, an entertainment destination and a new stream of revenue for the town and county. The continued success of del Lago is good for everyone in the Finger Lakes region,” said Wilmot.
RISING GAMING REVENUE
Del Lago has generated just over $67 million in gross gaming revenue in the first five months (April through August) of the current 2019-20 fiscal year, a rise of 6 percent from more than $63.2 million in the same five-month period of last fiscal year. That’s according to data from the New York State Gaming Commission.
“Without providing a projection, I will simply say that we are very focused on growing overall gaming revenue and enhancing every aspect of the gaming product that we offer,” says Stevens.
The casino venue generated $126.3 million in gross gaming revenue during the full 2018-19 fiscal year, which was down more than 13 percent from $145.6 million in the 2017-18 fiscal year, according to the State Gaming Commission.