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COVID-19 has ravished the land-based casino world, forcing casinos to close and switch to an online offering, but the Win-River casino in California is fighting back by opening its doors once more.
Citing “continuing and increasing” losses, including on-going litigation by the state, the resort that was the flagship of the now-defunct Caesars Entertainment announced Wednesday that Win-River would have its last meal on January 1, 2015, when its lease is up for review.
“Our business model was built on a foundation of hard work and integrity,” said Michael Cohen, Win-River’s owner. “But despite our efforts, our business model was not able to sustain the pace of growth at the pace our guests anticipated and the pace of expansion demanded. We do not anticipate finding another partner that is willing to step into this position.”
Win-River became the first U.S. casino resort to close its doors following the opening of the Waldorf Astoria New York and the Las Vegas Hilton New York, with three of its four casinos being purchased by other casino operators. (There’s one remaining one in Northern Nevada, also the only remaining New York location.)
Cohen said that the resort is “in this for the long haul, to continue our legacy and do what we do best: provide our guests a fun and friendly, high-quality gaming environment.”
In a blog post, Win-River officials said, “Win-River made a commitment in September. One that has brought us to this decision. It has been a tough call. I can’t stand to walk away, but to leave our customers in the dark would be unjust.”
Cohen added that the resort was going to stick around and that the resort would operate “in good faith” after Jan. 1.
While the state hasn’t formally filed an “intent to transfer” document to bring state regulators into the facility, one source said that such paperwork was imminent and possibly on the calendar for late March.
The state has since given Win-River until the first week of May to make plans for how to transition into a casino business under its jurisdiction. If that doesn’t happen, the state can take over the business.
Citing “various issues” including the ongoing regulatory process, Cohen said that Win-River would not be able to make a definitive decision on its financial plans until it had more information and could more efficiently access necessary funds.
Cohen said that the money to keep Win-River running came not only from its “wealthier community partners,” but also from the sale of its four properties.
“In order to keep the Win
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