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Published on: September 12, 2025, 01:40h.
Updated on: September 15, 2025, 11:31h.
- Sale of Resorts World Catskills’ Non-Gaming Assets
- Acquirer: Sullivan County, home to the Upstate New York Casino
- Resorts World Catskills has struggled since its inception
- Officially opened in early 2018
Sullivan County in Upstate New York has announced the acquisition of nongaming assets from Resorts World Catskills through a newly established corporation.
Officials from Sullivan County have recently formed the Sullivan County Resort Facilities Local Development Corporation, aimed at acquiring and overseeing certain real estate and tangible personal property in the Town of Thompson, Sullivan County, New York.
In a recent meeting, the Sullivan County Resort Facilities Local Development Corporation approved a plan to issue up to $585 million in Series 2025 Bonds, enabling the corporation to finalize its agreement with Empire Resorts Inc., the current operator of RW Catskills, which is co-owned by Genting Malaysia (49%) and Kien Huat Reality (51%), the family trust of Malaysian billionaire Lim Kok Thay.
Originally, the county corporation intended to raise $570 million in bonds but increased this amount to cover closing costs and provide additional flexibility.
Resorts World Catskills commenced operations in February 2018 with an investment of $1.2 billion. The casino features a 100,000-square-foot gaming floor with around 1,600 slot machines and 140 live table games. Notably, its retail sportsbook was closed in May.
The RW Catskills Challenge
Genting’s $1.2 billion investment in Upstate New York has proven to be unsuccessful, as the property consistently failed to meet its revenue targets.
Empire Resorts has recorded losses each year since its inception at Resorts World Catskills and at Monticello Raceway. Approaching bankruptcy in 2019, Lim, who was then leading Genting, rescued the project via his family trust.
With Genting concentrating on a $5.5 billion proposal to enhance Resorts World New York City into a comprehensive integrated resort featuring Las Vegas-style gaming and sports betting, Sullivan County is taking initiative to maintain the operations of RW Catskills.
Despite its shortcomings, Resorts World Catskills has created nearly 1,400 union jobs and continues to contribute significant tax revenue and economic stability to the county, which recently suffered the closure of PepsiCo’s Frito-Lay plant in Liberty, losing around 300 jobs.
“I assure the residents and taxpayers of Sullivan County that they hold no responsibility in this agreement. No county funds or taxpayer assets are at risk,” commented Matt McPhillips, a county legislator representing District 1 and the majority leader. Radio Catskill was the first to report his statements.
“This agreement aims to allow the casino to restructure, reposition, and invest in its offerings,” McPhillips further stated.
Acquisition of Non-Gaming Assets
Sullivan County’s agreement to purchase Resorts World Catskills pertains primarily to the area’s non-gaming assets, with Empire Resorts retaining control of the casino’s operations.
The Sullivan County Resort Facilities Local Development Corporation will manage facilities including the hotel, golf course, theater, meeting spaces, dining areas, and the spa.
The timeline for the closure of this transaction remains uncertain.
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