Resorts World Catskills has struck a deal worth over half a billion dollars to transfer ownership of its non-gaming properties to a newly formed local development corporation in Sullivan County. Officials say the move will help the casino stabilize its finances, safeguard jobs, and unlock new opportunities for regional economic growth.

The agreement, valued at more than $525 million, covers hotels, the Alder/Entertainment Village, the Monster golf course, restaurants, and event and meeting facilities. The casino itself and the Kartrite Resort & Waterpark remain outside the scope of the transaction. Resorts World will continue operating all gaming functions while managing the non-gaming properties through a long-term contract with the Sullivan County Resort Facilities Local Development Corporation (SCRFLDC).

“Resorts World Catskills took this action to further its commitment to the Sullivan Catskills region, along with New York State as a whole,” said Meghan Taylor, Senior Vice President of Government Affairs and Public Relations for Resorts World Catskills, according to Sullivan County Democrat. She added that proceeds from the sale will be used to buy back land leased from a national real estate trust, ensuring Resorts World plays “a more direct role in promoting growth and development in the area.”

Financing Through Bond Sale

To fund the purchase, SCRFLDC plans to issue $561 million in tax-exempt revenue bonds, with maturity set for December 15, 2040. Marketing of the bonds began on August 14, with the sale targeted for August 27 and closing anticipated on September 4. KeyBanc Capital Markets is underwriting the debt, which carries no credit rating.

Sullivan County Industrial Development Agency Executive Director Jen Flad explained that the LDC was established earlier this year specifically to support development at the 1,700-acre Adelaar site, where Resorts World Catskills is located. “These purchases and leases involve substantially all of the assets built in Adelaar except the regulated casino improvements, which will be retained by Resorts World Catskills, and the Kartrite Resort & Waterpark,” Flad noted.

Under the arrangement, Resorts World’s Montreign Operating Company will manage the hotels, golf club, restaurants, spa, and event venues, while revenue from these businesses will go toward repaying the bonds. Legislator Matthew McPhillips emphasized that “there is no impact to the taxpayers of Sullivan County.”

Protecting Jobs Amid Growing Competition

County leaders and residents alike see the deal as critical to protecting jobs in the face of mounting competition from proposed downstate casinos. A study commissioned by Sullivan County suggested that new casinos in or near New York City could siphon as much as 76% of Resorts World Catskills’ revenue, threatening hundreds of well-paying local jobs.

McPhillips highlighted the unanimous support from the County Legislature: “We’re really happy with them coming up here and all the jobs that they’ve brought, the economic growth that they’ve brought to our area, but we want to build on that, right?”

Residents expressed similar views, linking the deal to local job security, particularly after the closure of a Frito-Lay plant in Liberty earlier this year that wiped out 300 positions. “I support it,” said resident Harry Barrett. Another local, Scott Skernick, added, “I think they’re trying to save the hotel and keep it from going out of business over here.”

Looking Ahead for Resorts World and Sullivan County

While the bond sale has faced some delays as investors seek further details, officials remain confident the transaction will close by early September. County leaders believe the partnership will allow Resorts World to invest more directly in development at Adelaar, where more than 1,300 acres remain available for future projects.

According to Flad, the structure of the deal ensures the county’s new LDC holds ownership of the non-gaming assets, while Resorts World continues day-to-day operations. This balance, officials argue, will keep the casino competitive and provide long-term stability as Genting and other casino operators expand in the downstate market.

Resorts World said the arrangement will allow it to “deliver positive economic development” to the Catskills while reinforcing its presence in the region.