New Casino Coming to Town (Sullivan County, NY)

[Chris Presto]

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!

[Alex Deacon]

@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.