Sullivan County Approves $585M Bond Deal to Save Catskills Casino

Sullivan County has wrapped up a big $585 million bond plan to change the future of Resorts World Catskills. The county’s Industrial Development Agency (IDA) and its new Sullivan County Resort Facilities Local Development Corporation (SCRFLDC) lead this deal. They plan to buy the casino’s non-gaming operations. County officials say this move aims to steady one of the area’s biggest job providers and tourist spots.

Resorts World Catskills Sheds Debt as County Buys Non-Gaming Assets

The deal involves the hotel, golf course, event spaces, and over 1,500 acres at the Adelaar site in Thompson. As part of the agreement, Resorts World will keep running the facilities while getting rid of its debt. Those who back the plan say that cleaning up the finances will let the company put money back in as it looks to expand its Queens site, which could cost billions.

County officials believe the purchase might open up chances to build more in the future. Bill Rieber, the supervisor, hinted that housing could be one of the first things they think about for the empty land around the casino, reported Spectrum Local News. People who support local businesses pointed out how the resort affects jobs, creating about 1,400 positions when it first opened in 2018.

Even so, the casino is not doing well. Records from the State Gaming Commission show Resorts World Catskills made just under $198 million in gaming money during the 2024–2025 fiscal year — the worst it has done since COVID hit. Money coming in has dropped since 2022, and the place has not made any cash from sports betting in the last few months.

Bond Plan Aims to Shield Residents While Betting on Resort’s Growth

The financing plan has raised questions about whether it can work in the long run. Sullivan County’s proposal to investors predicts that hotel bookings and income from non-gambling sources will grow over the next four years. This growth partly depends on Resorts World getting a full casino license in New York City. However, experts hired by the county are much more careful in their predictions. They expect a drop in business once new casinos open downstate.

Even with these warnings, county leaders emphasize that locals will not have to pay if the project does not do well. Matt McPhillips, who leads the economic development committee, says the bonds are set up to protect residents from risk. He sees the deal as a way to set up the resort for future growth.

Resorts World Catskills remains a key player in Sullivan County’s economy, generating almost 30% of the Town of Thompson’s tax income. However, experts caution that if the casino does not bounce back, the bond deal might damage the county’s credit rating and restrict future loans.