MONTICELLO — Resorts World Catskills has reached an agreement valued at more than $525 million to sell its non-gaming assets to the Sullivan County Resort Facilities Local Development Corporation (SCRFLDC). The move, officials say, is designed to strengthen the casino’s long-term stability while supporting economic growth in Sullivan County.

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, nor is the Kartrite Resort & Waterpark.

Under the arrangement, Resorts World will continue to manage the non-gaming businesses through a multi-decade agreement with the LDC. Resorts World will also maintain ownership and operation of the casino itself.

“Resorts World Catskills took this action to further its commitment to the Sullivan Catskills region, along with New York State as a whole,” said Meghan Taylor, Senior Vice President of Government Affairs and Public Relations for Resorts World Catskills. “Net proceeds from this transaction will enable us to purchase all lands currently leased from a national Real Estate Investment Trust, allowing us to play a more direct role in promoting growth and development in the area. In addition to our continued ownership and operation of the casino, this transaction will see us continue to manage non-gaming assets as part of a multi-decade agreement with Sullivan County Resorts Facility Local Development Corporation. RWC is thankful to our partners in Sullivan County for continuing to work with us to deliver positive economic development for this community.”

According to Sullivan County Industrial Development Agency Executive Director Jen Flad, the SCRFLDC was created earlier this year to further development of the 1,700-acre Adelaar site, where the casino and related facilities are located. For more than 15 years, Adelaar has been a focal point of development efforts in Sullivan County, bolstered by state and federal investment in infrastructure such as the designation of Route 17 as Interstate 86, the reconstruction of Exit 106, and the formation of town special districts to fund site infrastructure.

Flad said the LDC will issue bonds to finance the purchase of the non-gaming assets. The transaction includes all improvements on the Resorts World parcel, the Alder Hotel and other Entertainment Village properties, and the golf course. “These purchases and leases involve substantially all of the assets built in Adelaar except the regulated casino improvements, which will be retained by Resorts World Catskills, and the Kartrite Resort & Waterpark, which is not involved in these transactions,” Flad said.

Closing on the transaction is expected September 4. Flad noted that all necessary approvals from the LDC and the IDA are in place.

County officials say the deal will allow Resorts World to invest more directly in the Adelaar site and help unlock development potential on more than 1,300 acres that remain undeveloped. “These transactions will allow Resorts World Catskills to explore additional opportunities for jobs, tourism, and overall economic development at Adelaar,” Flad said.

What is an LDC?

A Local Development Corporation (LDC) is a nonprofit entity created under state law that counties or municipalities can use to finance major projects. LDCs are often formed to issue tax-exempt bonds and hold title to property, allowing projects to benefit from lower borrowing costs and certain tax exemptions. While the LDC technically owns the assets it acquires, day-to-day operations are typically handled by private operators under long-term contracts.

The Sullivan County Resort Facilities LDC was established in early 2025 by the county’s Industrial Development Agency. Its role in the Resorts World transaction is to finance and hold ownership of the non-gaming assets, while Resorts World Catskills continues to manage those businesses and operate the casino.