Thompson, NY – Sullivan County officials have launched a new economic development initiative centered around the Resorts World Catskills casino, establishing the Sullivan County Resorts Facility Local Development Corporation (LDC). The move aims to unlock development potential on over 1,300 acres of land surrounding the casino and adjacent properties.
The LDC will acquire the non-gaming assets – including resort improvements and businesses on the casino parcel, the Alder Hotel, and the Monster Golf Course – through a bond issuance of up to $585 million facilitated by the Sullivan County Industrial Development agency. This strategic acquisition is intended to spur further investment and development on currently undeveloped land within the Adelaar site, boosting the local economy and creating new opportunities.
“The intent of the whole set of transactions is to spur the development of the roughly 1,300 acres of undeveloped land within the Adelaar site,” explained IDA Executive Director Jennifer Flad.
Following an anticipated bond closing on September 17, the LDC will own and operate all non-gaming resort improvements and businesses. To ensure a seamless transition, the LDC will contract with Montreign Operating Company LLC, an affiliate of Resorts World Catskills, for management of these assets. Resorts World Catskills will retain ownership and operation of the casino and all regulated gaming facilities.
