Casino's Physical Assets in Resorts World, New York, Potentially Sell to Corporation Established by Sullivan County
In a move aimed at preserving jobs and maintaining economic stability in the region, a corporation in Sullivan County has announced plans to purchase the physical assets of Resorts World Casino in the Catskills. The purchase would be facilitated by a subsidiary of the local Industrial Development Authority.
The expansion of full casino gaming in and near New York City is ongoing, but the specifics or location beyond New York City are not detailed in this paragraph. The purchase is happening during this expansion, and the deal is being reported by CBS New York.
The purchase does not include the casino itself, which will remain under the ownership of Resorts World Catskills. The property up for sale includes an 18-story hotel, a smaller neighboring hotel, restaurants, an event center, and a golf course.
The corporation plans to issue $561 million in bonds for the purchase. The specifics of the deal, such as the price or terms, are not provided. The sale would make the Catskills property more competitive and stabilize the finances of Resorts World Catskills, allowing it to pay off all its debt.
Tony Aiello is not directly involved in the casino deal or expansion. The location of the expansion of casino gaming is not specified beyond being in and near New York City. The expansion itself is not further detailed in the text.
The idea to purchase the physical assets of the Resorts World Casino in the Catskills was conceived by local government officials and community leaders, with the aim of ensuring the continued operation of the casino and its related businesses in the region. The purchase price or terms are not specified in the text.
This move comes as the casino industry in the Catskills faces increased competition with the ongoing expansion of full casino gaming in and near New York City. The purchase is expected to provide a much-needed boost to the local economy and create new opportunities for growth and development in the region.
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