Sullivan County has finalized a significant $585 million bond initiative intended to reshape the future of Resorts World Catskills. This transformative deal, spearheaded by the county’s Industrial Development Agency (IDA) and the newly established Sullivan County Resort Facilities Local Development Corporation (SCRFLDC), aims to purchase the casino’s non-gaming operations. Officials maintain that this strategic move is vital for stabilizing one of the region’s premier employers and attractions.
The landmark agreement encompasses the acquisition of various assets, including the hotel, golf course, event spaces, and an extensive 1,500-acre property at the Adelaar site in Thompson. Under this arrangement, Resorts World will continue managing these facilities while simultaneously reducing its financial liabilities. Proponents of the deal argue that this financial restructuring will enable the company to reinvest in its operations, particularly as it eyes potential expansion of its Queens site, a project that could require an investment of billions.
Bill Rieber, a county supervisor, sees this acquisition as a catalyst for future development opportunities, such as residential projects on the undeveloped land surrounding the casino. Advocates for local business underscore the resort’s economic impact, noting it provided approximately 1,400 jobs upon its 2018 opening.
Despite its potential, the casino faces financial challenges. State Gaming Commission data reveals that Resorts World Catskills generated just under $198 million in gaming revenue during the 2024–2025 fiscal year, marking its poorest performance since the onset of the COVID-19 pandemic. Revenue has been on a downward trend since 2022, with the casino failing to generate any income from sports betting in recent months.
The proposed bond plan attempts to safeguard residents while betting on the resort’s potential growth. Sullivan County’s pitch to investors projects an increase in hotel occupancy and revenue from non-gaming activities over the next four years. This optimistic outlook hinges on Resorts World obtaining a full casino license in New York City. However, analysts hired by the county express caution, suggesting that the opening of new casinos downstate could lead to a downturn in business.
Despite these apprehensions, county officials assure that local taxpayers will not bear the financial burden if the venture fails. Matt McPhillips, head of the economic development committee, emphasizes that the bond structure is designed to minimize risk to residents. He views the initiative as a foundational step toward fostering long-term growth for the resort.
Resorts World Catskills continues to be a pivotal player in Sullivan County’s economy, contributing nearly 30% of the Town of Thompson’s tax revenue. However, industry experts warn that if the casino does not recover financially, the bond deal could adversely impact the county’s credit rating and limit future borrowing capacity.
In this context, the decision to leverage a substantial bond to acquire non-gaming assets reflects a calculated risk, with officials banking on the resort’s recovery and expansion as a means to bolster the local economy. While the move has its skeptics, the county remains confident in its potential to drive economic rejuvenation.
Skeptics argue that the reliance on a single entity for a significant portion of the county’s revenue is inherently risky. They point out that economic diversification is essential to mitigate potential downturns in the gambling industry. In contrast, proponents maintain that the bond deal is a strategic investment in the region’s future, providing the necessary capital to unlock further development opportunities.
As Sullivan County navigates the complexities of this bold financial maneuver, the outcome remains uncertain. Will the county’s bet on Resorts World Catskills pay off, or will the financial risks outweigh the potential rewards? Stakeholders remain vigilant, carefully observing the unfolding developments and their implications for the county’s economic landscape.
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