New York’s upstate commercial casinos continue to perform below expectations, and one of them is likely facing a debt restructuring just to stay afloat.

This week, the New York Times reported on the 2018 performance of New York’s four upstate commercial casinos, whose licenses were issued in late-2015. The last of the four, Empire Resorts’ Resorts World Catskills, opened to the public in February 2018.

The Rivers Casino in Schenectady was the state’s ‘star’ performer, reporting gaming revenue up 19% to $152.5m in 2018. However, the property didn’t open until February 8, 2017, meaning its 2018 figures had five additional weeks in which to goose the gains. Even then, the 2018 figure is less than three-quarters of what its operators projected while pursuing their gaming license.

Tioga Downs in Tioga Country was also up for the year but it too was delivering only about 72% of its projected revenue. Resorts World Catskills projected its first full-year revenue would exceed $277m by the end of 2019 but the property managed only half that number in the 11 months it was open last year.