Posted on: September 15, 2025, 12:27h.
Last updated on: September 15, 2025, 12:32h.
- Resorts World Catskills is set to be sold to Sullivan County
- The issuance of the high-yield county bonds hasn’t yet commenced
The nongaming assets of Resorts World Catskills in upstate New York are set to be sold to the county where the integrated casino resort is located. The investment bank that’s handling the transaction says more time is needed before the high-yield bond offering initiates.
KeyBanc Capital Markets, a subsidiary of the Cleveland financial institution, tells Bloomberg that the commencement of the Series 2025 Bonds, initially scheduled for August 27 and then delayed until September 11, has again missed its start.
A spokesperson for the bank said more time is required to provide details to potential investors.
[KeyBanc] extended the timeline for the sale of the bonds to allow additional time to answer questions and educate investors about the credit,” the KeyBanc representative explained.
KeyBanc has reportedly fielded “significant interest” in the forthcoming offering. The financial firm hasn’t yet rated or priced the securities.
Resort Buyout
As reported previously by Casino.org, Empire Resorts Inc. has agreed to sell Resorts World Catskills, aside from the Monticello property’s 100K-square-foot casino, to the Sullivan County Resort Facilities Local Development Corporation. The transaction for the resort’s nongaming assets and operations is to cost $585 million.
Sullivan County plans to raise much of the purchase capital through high-yield bonds. Such investment vehicles are debt securities from governments that come with higher risk than a typical public works project. KeyBanc plans to sell $561 million in Series 2025 Bonds on Sullivan County’s behalf to investors with a to-be-determined annual interest rate.
The money will allow its Resort Facilities Local Development Corporation to acquire Resorts World Catskill’s 18-story, 332-key hotel, the neighboring 101-room Alder hotel, 2,500-seat RW Epicenter, full-service spa, indoor pool and fitness complex, 18-hole championship golf course called the Monster Golf Club, 50K square feet of convention facilities, and the resort’s many restaurants and bars.
Sullivan County’s move to purchase Resorts World Catskills, aside from its casino, is to protect the resort’s many jobs and the critical local tax revenue it generates. Empire Resorts was reportedly shopping the destination, as Genting Group, the Malaysia-based conglomerate that owns a 49% stake in Empire Resorts, is focused on securing a full-scale downstate New York casino license to transform its video lottery racino at the Aqueduct Raceway into a Las Vegas-like casino resort destination.
Protecting Economy
When the three downstate casinos open in the coming years, revenue at RW Catskills is expected to suffer the most among the four upstate casinos. Of the four nontribal commercial upstate casinos — Tioga Downs in Nichols, del Lago in Waterloo, and Rivers Casino Schenectady being the three others — Resorts World is by far the nearest to NYC.
The county’s motivation is tied to its belief that Resorts World Catskills remains a critical component of the region’s economy. Though the casino has long underperformed, taking control of the property can ensure that the hotel, convention facilities, and entertainment provide long-term benefits. Resorts World Catskills was built at a cost of $1.2 billion.
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