MONTICELLO – As recently reported in the Democrat, Resorts World Catskills reached an agreement to sell its non-gaming assets to the Sullivan County Resort Facilities Local Development Corporation (LDC). 

The move, officials say, is designed to strengthen the casino’s long-term stability while supporting economic growth in Sullivan County.

After a resolution was passed unanimously by the LDC on August 11 to issue bonds not to exceed $570 million, a new resolution was proposed at yesterday’s LDC meeting to raise that amount to $585 million. It was passed unanimously.

This comes after Bloomberg News reported that the planned bond sale had been delayed while potential investors seek additional information.

But Resorts World Catskills officials say the deal is moving ahead.

“Resorts World Catskills is excited about its future in Sullivan County and, with this transaction, can charge forward on strong financial footing. We anticipate a closing date this month on September 17,” said Meghan Taylor, Senior Vice President of Government Affairs and Public Relations at Resorts World.

The transaction will transfer ownership of hotels, the Alder/Entertainment Village, the 18-hole golf course, restaurants, and event and meeting spaces from Resorts World Catskills to the SCRFLDC. The casino and all regulated gaming operations are not part of the deal.

Marc Baez, President and CEO of the Sullivan County Partnership for Economic Development, called the agreement a “big win for Sullivan County.”

“Resorts World Catskills continues to be a major employer and welcomes a growing list of patrons, corporate associations, and now golfers from throughout the tri-state region and beyond,” Baez said in a statement.

According to a spokesperson for Resorts World Catskills, the company employs approximately 1,200 people, of which 65% live in Sullivan County.