Posted Feb. 18, 2016 at 12:55 PM
Updated Feb 18, 2016 at 1:04 PM
Read The Associated Press article here. Then, consider the following implications for the Montreign Resort and Casino at Adelaar.
If casinos are built in Northern Jersey and perhaps Manhattan, the Sullivan resort scheduled to open in early 2018 could be in serious trouble. The article makes the “over saturation” and “slice of the pie” arguments. There is a limited number of gambling folks thus the proliferation of casinos within a short driving radius of the NYS Metro area will simply dilute the customer base.
Goodbye jobs, major development, economic bounce-back, etc for Sullivan County. This is a nasty prognostication few in our Sullivan Catskill Community welcome. There is no input to render as to how New Jersey, and the New York State Gaming Commission will react; nor are the cards dealt regarding the business consortiums who make the decisions to build or pass on a casino development.
The implications for investors, as mentioned in my previous blog on this subject, is substantial. And, that is why a “wait and see” attitude concerning property purchases has been adopted by those who follow casino/business news. Based on the uncertainly of the Montreign’s ultimate success, residential sellers should be very cautious about pricing and believing there is now a seller’s market underway in Monticello, or for that matter, Sullivan County, NY in the entirety.