Sullivan County Eyes Resorts World Casino Assets in $500M Deal to Protect Local Jobs

Proposed Acquisition of Resorts World Assets

• 🎯 A corporation formed by Sullivan County's Industrial Development Authority plans to purchase the physical assets of Resorts World Catskills for $561 million.
• 💡 This move aims to acquire the hotel, restaurants, event center, and golf course, excluding the casino itself, to stabilize the property's finances.

Financial Stabilization and Debt Management

• 💰 The plan involves issuing bonds to buy the assets, enabling Resorts World to pay off all its debt and improve its financial standing.
• 📈 The goal is to make the Catskills property more competitive amidst potential new casino expansions in the New York City area.

Economic Impact and Job Preservation

• 💼 Sullivan County's legislature unanimously supported the plan due to a study predicting up to a 76% drop in Catskills casino revenue from new NYC-area casinos.
• 📉 The acquisition is intended to protect hundreds of well-paying jobs, especially after recent economic setbacks like the closure of a Fredo Lelay plant that eliminated 300 jobs.

Revenue Allocation and Taxpayer Impact

• 💸 Resorts World will continue to operate the gaming and resort facilities, with revenues from the hotel, golf, and other amenities allocated to pay off the issued bonds.
• ✅ There will be no direct impact on Sullivan County taxpayers as a result of this deal.

Deal Status and Investor Interest

• ❓ The closing date for the deal remains unclear, as a planned bond sale has been delayed.
• 🔍 Potential investors are reportedly seeking additional information before committing to the bond sale.