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Friday, March 29, 2024

NY Catskill Casino Bid is Canceled

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The Catskill Mountains seen from across the Hudson River. The developer who built Mohegan Sun declined to bid on a casino license in the Catskills, because of potential competition in areas closer to New York City.

Len Wolman, a Connecticut developer, and the Stockbridge-Munsee Community had plans for a casino to be built on a 440-acre property in the Town of Thompson in Sullivan County. They are the first of the potential bidders for the casino licenses to drop out.

This fall, New York State is granting four licenses for casinos to be built in the Albany-Saratoga area, the Southern Tier-Finger Lakes region and the Catskills and mid-Hudson Valley. Proposals must be submitted by June 30 to apply for the licenses.

Talk over a possible casino and resort in Orange County is the cause for Len Wolman and the Stockbridge-Munsee Community dropping out of the bid. In a news release the team said, “The possibility, maybe even the likelihood, of a destination resort with gaming in Orange County so dilutes the market in Sullivan County that building and sustaining a first-class resort in Sullivan is not financially feasible for us.”

Obtaining financing from financial institution had become challenging and expensive with the potential for an Orange County Casino. Much of the business from the city that would go to a Catskill casino would be easily deterred to an Orange County casino closer to the city. The profits would be small if any in that environment. It would be very tough for a Catskill casino to compete with Orange County.

Four potential bidders remain who want to build casinos in the Catskills. Currently in Orange County there are six potential projects and five bidders to build casinos.

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