New Casino Coming to Town (Sullivan County, NY)

Land & New Construction
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New Casino Coming to Town (Sullivan County, NY)

Chris Presto
Investor · New York City, NY · Member since 2017 · 11 posts · 1 vote

Hi All!

Would love your help and input on this strategy. 

I've been thinking about investing in, and around, the area where a new casino is being built in Sullivan County, New York. For those not familiar, Sullivan County is about a 90 mile ride North West of NYC, and 95 miles in total to the new Casino.

The casino is scheduled to open in March, 2018 as "Resorts World Catskills." My strategy would include purchasing both SFH's and Smaller MFH's in depressed and surrounding towns like: Thompson, Monticello, Kiamesha Lake, and Ellenville within the next three to six months as the Casino nears completion.

The resort has been described as a "Four Season" resort, with 323 hotel rooms, 130 table games, 2,000+ slots as well as an indoor water park. Other activities like skiing, snowboarding, and a Golf Course for Winter and Summer outings are also contained within the Casino plan. 

I understand the stigma (and clientele) that comes along with a casino. but anyway you slice it, jobs will be brought in, and that is exactly what Sullivan County has needed for decades.

Is anyone actively executing this type of strategy or have opinions/cautions about it? Would love to get your take on this idea. Thank you BP!

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Alex Deacon
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
9y

@Chris Presto We had a Casino built here and the hoopla caused a spike in prices in a particular area but then it never really came around so folks were paying too much due to the hype. This was ten years ago and now that area is starting to come around but it wasnt due to the casino. if you do buy in those areas its a bit risky so tread lightly because you dont know absolutely 100% how the casino will affect the value especially if during the construction or after it the US economy takes a nose dive. The casinos I would think would be the first to feel the hit so that dream of the casino grand plan may come to a halt. I am not saying dont buy but be aware of the upside and prepare for the downside.

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  • Alex Deacon
    Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
    9y

    @Chris Presto We had a Casino built here and the hoopla caused a spike in prices in a particular area but then it never really came around so folks were paying too much due to the hype. This was ten years ago and now that area is starting to come around but it wasnt due to the casino. if you do buy in those areas its a bit risky so tread lightly because you dont know absolutely 100% how the casino will affect the value especially if during the construction or after it the US economy takes a nose dive. The casinos I would think would be the first to feel the hit so that dream of the casino grand plan may come to a halt. I am not saying dont buy but be aware of the upside and prepare for the downside.

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  • Melissa McGuire
    Professional · Roseville, CA · Member since 2017 · 174 posts · 31 votes
    9y

    Hi all,

    We have a vacation place a couple hours north of our main office.  Maybe 10 years ago a casino was put in, It was right on the freeway so to speak.  It wasn't like there weren't casinos with in 100 miles there were, but this one had it over the other ones because It took in to consideration the 3 most important rules of real estate, LOCATION LOCATION LOCATION,!!!! There was a study done that estimated that no less then 75,000 vehicles (mixed type) would roll pasted the casino each day and that was just going one way,  If your counting that's 150,000 vehicles a day.  Considering that this county is the 4 larges by land mass in California however it total population isn't but maybe 150,000 people for the entire county those were amazing numbers.  I point this out because not only would you probably want to take something like that in to account, you'd also want to take in to account if there be a place for big rig trucks to park overnight? Grab a bite at the buffet? Grab a shower at the trucker clubhouse and so on.  What you'd like to be able to find is how many people will the place employee and in relation to the population will people move there just to work for the casino?  If you believe yes then let me suggest you purchase the smaller homes, if the need work ( not a lot) then do it nicely as funds will allow, Looking toward the future of the casino expanding in the near future with a gold course or whatever.  If you put in hardwood type floors now and good wood burning stoves then these things won't have to be replaced before their time.  It wouldn't seem such an important thing really try and see where in relation to the freeway is this going to be,  And if you can look at the environmental impact report see if it gives a number about the vehicles that will be passing by every day,  Most of the casinos wont be local regulars like one might think,  If it's by the freeway there's were the bulk of the customers will come from and they will all need someone to make change clean stock food tend bar etc.,  those are YOUR pool of potential renters.  Just an observation and one girls thoughts, Best of luck to you.

    Melissa

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  • Chris Presto
    OP
    Investor · New York City, NY · Member since 2017 · 11 posts · 1 vote
    9y

    @Alex Deacon @Melissa McGuire Thank you so much for your input, I value it very much! I was able to find the environmental/municipal impact study for this particular casino construction so THANK YOU very very much for that tip! There is some absolutely stellar information in there. I will certainly tread lightly and do as much due diligence into econ-weather proofing my deals there. 

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  • Melissa McGuire
    Professional · Roseville, CA · Member since 2017 · 174 posts · 31 votes
    9y

    I'm so glad I could be of help.  That makes me feel really great I had a little tibit that will help. Best of luck and if you think about it let me know how it works out for you,

    Best of luck always

    Missie

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