WATERLOO — The owner of del Lago Resort & Casino in Tyre wants to consolidate the $440 million facility with other assets.
The Seneca County Industrial Development Agency, which has provided a package of tax breaks and exemptions to del Lago, will meet in special session at 4 p.m. today — and is expected to approve the request from Peninsula Pacific Entertainment (P2E).
Del Lago, which opened Feb. 1, 2017, was owned equally by the Wilmot family of Rochester and P2E, which is headquartered in Richmond, Va. In 2019, P2E purchased all of the property’s equity interest from the Wilmot family. When the sale was approved, P2E, which was founded in 1999 by its current chairman, Brent Stevens, announced it would consolidate del Lago with other assets.
IDA Executive Director Sarah Davis said that the plan had been contemplated earlier but was put on hold because of the COVID-19 pandemic.
“Peninsula’s plan at the time was to consolidate del Lago with some of its other assets and use the combined portfolio strength to leverage better financing terms," Davis said.
She added that the plan "involves a transfer of membership interests in the casino from Wilpac Holdings LLC to Peninsula Pacific Entertainment LLC, and that transfer is what requires IDA approval.”
“We appreciate the support of our local IDA to consolidate our assets into our parent company, Peninsula Pacific Entertainment,” del Lago Executive Vice President and General Manager Lance Young said. “This is one step in the right direction for our business. We are also increasingly hopeful that state leaders will provide a path forward for post-pandemic relief. We look forward to continuing our work with local and state leaders to reignite the business and once again become an economic driver for the Finger Lakes Region.”
The IDA has a Dec. 15, 2015 agreement with the original owners to provide a PILOT agreement, a sales tax exemption and a mortgage tax exemption. In addition, there is a community mitigation plan in place that requires any change in del Lago ownership to be approved by the IDA.
Today’s IDA meeting will not be open to the public. It will be live-streamed at senecacountyida.org.