Sullivan County Finalizes $585 Million Bond Deal to Support Catskills Casino

Sullivan County Secures Major Bond Deal to Support Resorts World Catskills

Sullivan County has finalized a significant $585 million bond agreement aimed at reshaping the future of Resorts World Catskills. The Industrial Development Agency (IDA) of the county along with the newly formed Sullivan County Resort Facilities Local Development Corporation (SCRFLDC) are spearheading this initiative. Their plan involves acquiring the casino’s non-gaming assets to stabilize one of the region’s largest employers and a key tourist destination.

County Purchases Non-Gaming Assets to Help Casino Reduce Debt

The agreement covers various properties including the hotel, golf course, event venues, and over 1,500 acres at the Adelaar site in Thompson. While Resorts World will continue managing these facilities, this move will allow the company to eliminate some of its outstanding debt. Supporters of the deal believe that improving the financial standing will enable the company to reinvest, especially in expanding its Queens location, which could require multibillion-dollar investments.

Local officials see this purchase as an opportunity to promote additional development possibilities in the area. Supervisor Bill Rieber has indicated that residential housing might be a priority for the undeveloped land around the casino. The resort’s impact on the local economy is significant, having created around 1,400 jobs when it opened in 2018.

Despite these efforts, the casino has faced financial challenges. State Gaming Commission data reveals that during the 2024–2025 fiscal year, Resorts World Catskills generated just under $198 million in gaming revenue — marking its lowest performance since the start of the COVID-19 pandemic. Revenues have been declining since 2022 and the casino has not earned any revenue from sports betting in recent months.

Bond Strategy Designed to Protect Residents While Supporting Resort’s Future

The financing plan has sparked debate over its long-term viability. Sullivan County’s proposals to investors project that hotel bookings and income from non-gaming operations will increase over the next four years. This optimistic forecast partly hinges on Resorts World obtaining a full casino license in New York City. However, outside experts engaged by the county have expressed more cautious outlooks, expecting decreased business once new casinos become operational downstate.

Despite these concerns, county leaders assure residents that they will not bear financial risk if the project falls short. Matt McPhillips, head of the economic development committee, highlighted that the bonds are structured to safeguard the community from any financial burden. He views this deal as an essential step towards positioning the resort for growth in the future.

Resorts World Catskills continues to be a major economic contributor in Sullivan County, providing nearly 30% of the tax revenue for the Town of Thompson. Nevertheless, experts warn that if the casino fails to recover, the bond deal could negatively affect the county’s credit rating and limit its ability to borrow funds in the future.