Casino in NY Catskills Bets on $561 Million High-Yield Muni Deal

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 ...