Report: Empire Resorts to hire Moelis to pitch Catskills sportsbook

LOS ANGELES: Empire Resorts Inc, which opened the US$1.2bil Resorts World Catskills resort in February, has engaged the investment bank Moelis & Co to find a partner for its sports-betting business, according to two people familiar with the matter.

The partner would run the sportsbook at the resort and possibly offer online betting throughout the state, should that be allowed, according to the people, who asked not to be identified because the deliberations are private.

Empire is controlled by Tan Sri Lim Kok Thay ( pic), chairman of Asian giant Genting Bhd.

Gambling companies of all kinds are racing to introduce sports betting following a May decision by the US Supreme Court that delegated approval and regulation to the states.

That has set off a flurry of dealmaking as operators look to begin taking bets before the start of the National Football League season.

New York planned to allow sports betting at the four upstate casinos that have opened in the past two years if the high court went along.

Casino regulators in the state are still working on rules.

DraftKings Inc has signed up to be the sports betting operator at the del Lago Resort & Casino in Waterloo, New York, near Syracuse. Paddy Power Betfair Plc has partnered with Tioga Downs Casino Resort in Nichols, New York, near the Pennsylvania border.

Both casinos are closely held.

MGM Resorts International said this week it had formed a US$200mil joint venture to offer sports betting in partnership with the Isle of Man-based GVC Holdings Plc.

The company also said it would be the official gambling partner of the National Basketball Association and the Women’s National Basketball Association.

New York is expected to be one of the biggest markets for sports betting, particularly if mobile wagering is allowed throughout the state.

Sportsbook partners typically take 5% to 15% of the revenue depending on the level of services they provide. – Bloomberg