Recapitalization effort for the Finger Lakes area casino transfers ownership and equity interests from the Wilmot Family to Peninsula Pacific.
del Lago Resort & Casino announced a recapitalization effort today, with current owner Peninsula Pacific to buy the equity interests of the Wilmot family, who have co-owned the property since opening in March 2017. The Wilmots’ ownership interest and voting equity in del Lago will transfer to Peninsula Pacific in order to finalize the transaction.
“The Wilmot family has been instrumental in the development of del Lago,” said M. Brent Stevens, Chairman and Managing Partner of Peninsula Pacific. “We appreciate their partnership and support in making del Lago the premier gaming destination in Upstate New York.”
The recapitalization effort demonstrates Peninsula Pacific’s commitment to the property, del Lago team members and stakeholders in the region. “Our decision is a reflection of our investment into del Lago’s growth and our strong commitment to the Finger Lakes region,” said Stevens. “We believe there is a tremendous future ahead in the upstate gaming market for our company and the community.”
Since its doors opened two years ago, del Lago has become an important member of the Seneca County and Finger Lakes community. “del Lago has been a gateway to the region and has created nearly 2,000 direct and indirect jobs for residents,” said Ronald McGreevy, Tyre Town Supervisor. “It has helped increase tourism for the region and provided a new revenue source for local governments.”
“We’ve expanded market share in a dynamic industry and our hope is that the future of upstate gaming is healthy and competitive,” added Stevens. “Our investment today is a result of that belief.”
del Lago Resort & Casino will now operate under the Peninsula Pacific umbrella of companies, which includes Kansas Crossing Casino in Pittsburg, Kan., Diamond Jacks Hotel and Casino in Bossier City, La., Colonial Downs Racetrack in Kent, Va., and Rosie’s Gaming Emporium locations in Chesapeake, Va., Hampton, Va. and Vinton, Va.