Published on: September 15, 2025, 12:27h.
Updated on: September 15, 2025, 12:32h.
- Sale of Resorts World Catskills to Sullivan County is on the horizon
- High-yield county bond issuance has yet to kick off
The non-casino assets of Resorts World Catskills, situated in upstate New York, are poised for acquisition by the county in which the resort resides. According to the investment bank facilitating the transaction, additional time is essential before initiating the high-yield bond offering.
KeyBanc Capital Markets, affiliated with a Cleveland financial entity, informed Bloomberg that the launch of the Series 2025 Bonds, initially set for August 27 and then postponed until September 11, has once more failed to commence.
A spokesperson for the bank indicated that more time is necessary to furnish potential investors with pertinent details.
“[KeyBanc] expanded the timeline for bond sales to allow for more FAQs and to educate investors about the credit,” stated the KeyBanc representative.
KeyBanc has reportedly received “substantial interest” in the upcoming bond issuance. The financial institution has not yet rated or assigned pricing to the securities.
Acquisition of the Resort
As previously noted by Casino.org, Empire Resorts Inc. has consented to sell Resorts World Catskills, excluding the Monticello property’s massive 100K-square-foot casino, to the Sullivan County Resort Facilities Local Development Corporation. The acquisition price for the non-gaming assets and operations amounts to $585 million.
Sullivan County plans to finance a significant share of the acquisition via high-yield bonds. These investment avenues are debt instruments from governmental bodies that entail a higher risk than standard public works projects. KeyBanc aims to offer $561 million in Series 2025 Bonds on behalf of Sullivan County to prospective investors at an undisclosed annual interest rate.
The capital raised will enable the Resort Facilities Local Development Corporation to obtain Resorts World Catskills’ 18-story, 332-key hotel, the adjacent 101-room Alder hotel, the 2,500-seat RW Epicenter, a comprehensive spa, an indoor swimming pool and fitness center, the 18-hole championship golf course known as the Monster Golf Club, 50K square feet of convention space, along with its numerous dining establishments and bars.
Sullivan County’s initiative to acquire Resorts World Catskills, excluding its gaming area, is aimed at preserving local jobs and sustaining essential tax revenues. Empire Resorts was reportedly looking for buyers, as Genting Group, a Malaysian-based conglomerate holding a 49% stake in Empire Resorts, is focused on obtaining a full-scale casino license in downstate New York to transform its video lottery racino at the Aqueduct Racetrack into an upscale casino resort.
Safeguarding the Economy
As three downstate casinos are poised to launch in the forthcoming years, revenue at RW Catskills is predicted to be adversely affected compared to the other upstate casinos. Among the four non-tribal commercial upstate casinos — Tioga Downs in Nichols, del Lago in Waterloo, and Rivers Casino Schenectady being the remaining competitors — Resorts World stands as the closest to New York City.
The county’s decision is driven by the belief that Resorts World Catskills plays a pivotal role in the regional economy. Although the casino has consistently underperformed, acquiring the property could ensure that the hotel and entertainment facilities provide ongoing benefits. Resorts World Catskills was developed at a staggering cost of $1.2 billion.