Sullivan County’s $585M Catskills Casino Rescue: Lifeline or Leap of Faith

By John Isaac,
Editor at online-gambling.com

John Isaac Editor at online-gambling.com

John Isaac is an editor with many years of experience in the gambling industry. He writes expert articles on card games like blackjack and poker. In addition, he is also well aware of the US gambling laws and the Indian and Dutch gambling markets. You can rely on verified information and insightful details.

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Last updated: October 4, 2025

Sullivan County approved a $585 million municipal bond plan to buy the non-gaming parts of Resorts World Catskills and lease them back to the operator. The purchase runs through a new county not-for-profit, the Sullivan County Resort Facilities Local Development Corporation, working alongside the county IDA. The CEO of the operation is Ira Stenigart.

The Assets the Deal Includes

Assets include the Alder hotel, the Entertainment Village and event venues, the Monster Golf Course, and roughly 1,500 to 1,700 acres at the Adelaar site.

Empire Resorts and Genting will keep the regulated casino and will manage the acquired assets under contract. The Kartrite waterpark is not part of the deal.

Why County Leaders Say It Matters

Backers frame the move as a jobs and tourism safeguard that also clears debt so the resort can reinvest. The bond plan is designed to be repaid by hotel, golf, events, and property-related revenues, plus a general assessment on Adelaar land, rather than a blanket guarantee by all county taxpayers.

Officials also see public control of surplus acreage as a way to unlock future development, with housing floated as one option. The project’s boosters connect the timing to Genting’s broader New York ambitions, including potential downstate licensing that could amplify portfolio marketing and visitation.

The Performance of the Casino and the Pushback

The casino itself has always struggled to meet early expectations since it opened its doors in 2018. State data cited in local reporting shows gaming revenue of just under $198 million in the most recent fiscal year, the weakest since the pandemic, with little to no recent sports betting contribution.

That softness is why the capital stack is being rebuilt now. At the same time, a detailed analysis by New York Focus highlights a core tension in the modelling.

County investor materials point to rising hotel and non-gaming revenue over the next few years, while the county’s own consultants warn of declines once New York City area casinos come online.

However, with the New York senate recently banning sweepstakes casinos, lawmakers are beginning to tighten their grip on the industry.

The Albany Times Union editorial board calls the plan a risky bet and questions whether optimistic projections can outrun online betting growth and likely downstate cannibalization.

What the Future Holds for Catskills Casino

The bond sale timeline has shifted, and parts of the process have unfolded with limited public detail, so near-term proof points will matter more than slides. Track whether the operating picture starts to turn, and whether promised land-led development begins to move from concept to shovels.

• Occupancy and RevenuePAR trends at the Alder and connected lodging
• Event bookings and F and B margins across the Entertainment Village
• Monster Golf rounds and yield through the season
• Concrete steps on Adelaar site planning, including any housing pilots
• Clarity on downstate licensing and any portfolio effects on the Catskills

The county is taking ownership of hotels, golf, and land to buy time and optionality for a key employer. Sullivan County gains a stronger anchor if non-gaming cash flows cover the schedule and new development takes root.

If the forecasts prove too rosy, the deal adds financial strain to a region already juggling economic hits. The next few quarters will reveal whether this rescue is a measured reset or a leap of faith.