State Senator John J. Bonacic (R/I/C - Mount Hope) announced that the Senate has approved his bill, Senate bill 8700, which provides incentives for a billion dollar private investment project in the Catskills to move forward. The measure is a reflection of an agreement between the Senate, the Governor, and the Assembly.
The project, utilizing $1 billion of private money, involves moving the Monticello Raceway and racino two miles down the road to the site of the old Concord Resort in Sullivan County. Once the Raceway is moved, a world class facility will be built housing 2,500 VLTs, the racetrack, with a brand new facility and grandstands, A hotel, conference center, and golf course will also be included on the property.
"This bill represents the first step in a billion dollar project to revitalize the Catskills with the hope of it growing further," stated Senator Bonacic. "Sullivan County, where the resort will be constructed, has over 14% of its population at or below poverty level. The people of the County need permanent jobs, a substantial increase in education funding, and dollars brought back into the regional economy."
The project’s developer, in exchange for a revised tax rate on VLTs, must invest $1 billion of private dollars and construct a world class resort, create 2,000 permanent jobs, return $50 million in various tax revenue to the local economy and double the education aid currently produced by the present VLT revenue formula. The proposal does not provide for any direct grant funding.
"This is a classic win-win situation for the Catskill region and the people of the State of New York. I was pleased to work with the Governor and the Assembly to ensure this measure’s enactment. Our region needs revitalization and this project will do just that," concluded Senator Bonacic.