The Chapin Estate and Bethel Town officials are considering plans for the development of a 50-100 million dollar resort destination. Proposed details.
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.
It’s full speed ahead in the Sullivan County, NY Catskills. New York State has granted the required gaming license permitting the Adelaar Casino, at the Montreign Resort, to operate a full scale, Las Vegas/Atlantic City type gaming complex.
The local excitement and enthusiasm surrounding the build out is palpable with business meet-ups, rejuvenated Chambers of Commerce events, and county level, municipal planning sessions evident.
EPR has sponsored two recent job and contractor events in both Sullivan and Orange County and is the lead company responsible for resort development. According to the Wikipedia: “Empire Resorts is a company that owns the Monticello Raceway racino in the Catskill Mountains 90 miles from New York City. Headquartered in Monticello, New York, Empire is 78.6% owned by Kien Huat Realty Sdn Bhd of Kuala Lumpur, Malaysia.
Local projects envision an influx of tourist dollars to be generated by the renewed interest in Sullivan County. This former tourist, destination fallen on hard times over the last fifty years, is making a come back. Investors and speculators are measuring up potential opportunities as the infrastructure revs up for the billion dollar Montreign Resort.
Look for continued commercial real estate sales to burgeon with residential rental inventory tightening. Working men and women need solid housing and in the short run, Sullivan doesn’t have near enough to accommodate the influx of temporary workers.
The rental market will continue to grow based on the new jobs created by the resort project. Expected to be completed in early 2018, two thousand plus jobs will drive the need for comfortable and affordable housing.
Residential real estate will also enjoy a boost driven by the Sullivan County revival. Still a buyer’s market right now, sellers can look forward to a more even market where fair value eventually returns to par.
All in all, prospects are brighter than ever for Sullivan County. Second home owners still have the rarefied back road byways, commercial interests will seize routes 42, 52, 55 and I86/Route 17 corridor leading to Monticello.
Look for real estate price improvement and be sure to contact me for current information about Sullivan, Ulster, Orange County.