Sullivan County NY Catskills Gaming Update
Casinos and Real Estate Prices in the Catskillsby John Kavaller: Owner-Broker at Catskill Country Real Estate-Jeffersonville-NY 12748~~~845-492-0261
November 9, 2013
The statewide gambling proposal passed muster on November 5, 2013. 57 percent voted in the affirmative with 42 percent giving a thumbs down. This New York State Constitutional Amendment permits full fledged casino gaming.
Placement of 2 casinos is anticipated for Sullivan and Ulster County, NY. Developers have plans rolling out for venue siting at the former Grossingers Resort located in Liberty, NY, the former Concord Resort in Monticello, NY, and the Nevele Hotel complex in Ellenville, NY. NYS will issue licenses based on a number of factors. As of this coverage, no licenses have been approved for any site.
Excerpted from The Reno Gazette Journal 11-8-2013 by Joseph Spector
(There are at least three proposals for casinos in the Catskills, including from the owners of Foxwoods and Mohegan Sun. One plan calls for the redevelopment of the former Nevelle Hotel in Ulster County. The state Gaming Commission will soon appoint a siting committee to review bids. The law takes effect Jan. 1, and then the commission would have 90 days to put out requests for proposals. The sites are likely to be determined by the middle of next year.)
Passage of state sponsored gaming will have a positive effect on real estate prices. They will begin to rise as the approval process moves from the initial stages into the full fledged build out. Until New York State Officials issue licenses, no venues are a sure bet. For this reason, I suggest both buyers and sellers maintain an even perspective. Raising listing prices is premature until casino siting has been approved and licenses issued.
Commercial properties along major Sullivan and Ulster County Routes will see more immediate impact. Larger business enterprises will want to line up locations close to casinos and be willing to roll the dice, yet again. The old adage of "nothing risked, nothing gained, is applicable.
Residential opportunities still abound with excellent buys available at almost all price points. Seller perception that gaming will cause a dramatic increase in demand is off base at this time. Sullivan County and perhaps the Ellenville area of Ulster County, will realize a greater need for apartments and other rental opportunities.
In summary: Until approval and licensing are accomplished, keep realistic in your pricing models. More demand for commercial real estate is becoming apparent. Residential is still somewhat sluggish and will remain somewhat flat for the time being. An up tick in renting will be realized as building venues are determined.
I am available for consultation and discussion of real estate in all arenas within New York State. Please feel free to contact me with your questions, ideas, and observations
Keep up to date on the latest developments for Casino Gambling in the Sullivan County NY Catskills. Articles are posted in chronilogical order from newest to oldest.
Casino advantage 2-27-2014
Casino giants explore Orange options 2-22-2014
Casino dreams inch along 2-12-2014
Casino sites could be picked by fall 1-9-2014
Mohegan tribe eyes casino expansion 12-29-2013
Casino zoning on agenda in Liberty 12-15-2015
Foxwoods casino vision begins to take shape 12-15-2013
Who will be deciding our casino future? 12-6-2013
Caesars looks into building NY casino 11-11-2013
Casino location picks coming quickly 11-7-2013