Resorts World Casino's physical assets could be sold to corporation created by Sullivan County
A corporation created by Sullivan County wants to purchase the physical assets of the Resorts World Casino in the Catskills.
The deal comes amid the pending expansion of full casino gaming in and near New York City.
New casinos in NYC area could impact Catskills casino, study finds
A corporation created by the county's Industrial Development Authority hopes to issue $561 million in bonds to buy the entire Resorts World Catskills property, except for the casino itself. That includes an 18-story hotel, a smaller neighboring hotel, restaurants, an event center and golf course.
The sale would allow the struggling gaming company to pay off all its debt, stabilize its finances and make the Catskills property more competitive.
"We're really happy with them coming up here and all the jobs that they've brought, the economic growth that they've brought to our area, but we want to build on that, right?" Legislator Matthew McPhillips said.
McPhillips says unanimous County Legislature support came after a study found new casinos in the New York City area could cause up to a 76% drop in Catskills casino revenue and threaten hundreds of well-paying jobs.
Sullivan County residents support keeping jobs in area
Earlier this year, the Sullivan County economy took a hit. When Frito-Lay closed its plant in Liberty, 300 jobs disappeared.
Keeping good jobs at the casino resort is a goal many residents share.
"I support it," resident Harry Barrett said.
"I think they're trying to save the hotel and keep it from going out of business over here," resident Scott Skernick said.
Resorts World will keep the gaming revenue and run the resort. Hotel, golf and other revenue will go to pay off the bonds.
"There is no impact to the taxpayers of Sullivan County," McPhillips said.
It's not clear when the deal will close.
Bloomberg News says the planned bond sale has been delayed while potential investors seek additional information.
Resorts World told CBS News New York in a statement that the deal will allow it to "deliver positive economic development" to the Catskills.