Casino's Physical Assets in Resorts World, New York, May Be Purchased by Corporation Established by Sullivan County
News Article: Sullivan County Corporation Plans to Purchase Resorts World Catskills Property
The expansion of full casino gaming in and around New York City is underway, with a significant development taking place in the Catskills region. According to a report by Tony Aiello, CBS New York, a corporation created by the Industrial Development Agency of Sullivan County is planning to purchase the physical assets of Resorts World Catskills.
The corporation, known as the Sullivan County Resort Facilities Local Development Corporation (SCRFLDC), aims to issue $561 million in bonds to buy the entire Resorts World Catskills property, excluding the casino. The property in question includes an 18-story hotel, a smaller neighboring hotel, restaurants, an event center, and a golf course.
The sale does not include the casino itself, which remains a separate entity. The motivation for the purchase could not be determined from the provided information, but it is clear that the corporation's move is intended to stabilise the financial situation of the gaming company and make the Catskills property more competitive.
If successful, the sale would allow the struggling gaming company to pay off all its debt. However, the specific details of the purchase deal between the corporation and Resorts World Casino are not provided.
It is worth noting that the location of the expansion of full casino gaming is not specified beyond being in and near New York City. The sale of Resorts World Catskills property is not expected to affect the ongoing expansion of casino gaming in the area.
Tony Aiello, CBS New York, is associated with the report, but the specific corporation involved in the purchase, beyond being created by the Industrial Development Authority, has not been explicitly stated. The purchase deal, if it occurs, would involve a significant amount of $561 million in bonds.
Stay tuned for more updates on this developing story.
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