A local economic development agency in upstate New York plans to borrow $561 million of high-yield debt to buy part of a struggling casino resort in the Catskills, in a bid to save hundreds of jobs in the area.
The Sullivan County Resort Facilities Local Development Corporation, a not-for-profit organization created under a New York economic-development law, is purchasing the non-gaming businesses at Genting Group’s Resorts World Catskills from subsidiaries of the hospitality company. The resort, located in Thompson, New York, features two hotels, a golf course, spa and fitness center, multiple restaurants, as well as conference and event space.
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