International edition
September 16, 2019

Peninsula Pacific purchased Wilmot Family's 50 percent stake

New York: del Lago Resort & Casino now has a sole-owner

New York: del Lago Resort & Casino now has a sole-owner
It has been suggested that the ownership transition will ensure that local investment, jobs, and del Lago’s presence will continue at current levels.
United States | 08/27/2019

Thee deal was approved last week by the Tyre Town Board. Del Lago has not publicly announced any changes or plans as result of the transaction.

T

yre-based casino del Lago Resort & Casino in Seneca County, New York state, recently announced that the developer who led the casino project in 2015 would sell their 50 percent stake in the business. 

In a statement, Tom Wilmot, Sr., said the deal, which was approved last week by the Tyre Town Board, would make Peninsula Pacific sole-owner. They had a 50 percent stake alongside the Wilmot Family.

Analysts and stakeholders alike have said for more than a year that conditions were not ideal at del Lago, but the move surprised even some skeptics of Upstate casino development, according to Ithaca.com. The Wilmots are Rochester-based real estate developers who had long-advocated for a casino located between Rochester and Syracuse. Officials in Seneca County say that the casino worked in attracting traffic. Transportation officials noted a significant increase in vehicle traffic over the two years since del Lago opened its doors.

The news about del Lago came as officials in Sullivan County noted that Resorts World Catskills was considering bankruptcy. That was Upstate’s largest casino operation developed under the four licenses issued in an effort to spike economic development.

Peninsula Pacific Chairman and Managing Partner Brent Stevens spun last week’s announcement positively, noting that it will allow the property to continue growing and improving. “This will position Peninsula Pacific as the sole owner of the property and signals our further commitment to be the premier source of gaming and entertainment in the Finger Lakes region. The Wilmot family has been instrumental in the development of del Lago and we look forward to their continued support as leaders in the community,” Stevens said.

“Since 2017, del Lago Resort & Casino has been proud to be part of the Seneca County and Finger Lakes community. We have created nearly two thousand direct and indirect jobs for local residents,” he added. “We have been a gateway to the region, helping to increase tourism and providing a new revenue source for local governments. We look forward to continuing to be a good neighbor and a part of the fabric of the Finger Lakes region.”

Meanwhile, Wilmot said that pride remains high in the del Lago development. “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,” Wilmot said. “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.”

It has been suggested that the ownership transition will ensure that local investment, jobs, and del Lago’s presence will continue at current levels.

While officials were quietly optimistic about the sale in Seneca County, Seneca County Supervisor Cindy Lorenzetti (D-Fayette) was disappointed that there wasn’t more discussion about the deal, or at least the prospect of one leading up to the Town of Tyre’s approval. 

“Not for nothing,” she said, “but the Supervisor [of Tyre, Ronald F. McGreevy,] had an opportunity to keep us informed about something happening in his community, and didn’t. It’s something that could have an impact on the whole County.”

Del Lago has not publicly announced any changes or plans as result of the transaction.

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