Takeaways by Bloomberg AI
- A local economic development agency in upstate New York plans to borrow $561 million of high-yield debt to buy part of a struggling casino resort in the Catskills.
- The purchase will put the resort on firmer financial footing, allowing it to retain jobs and consider future developments, according to Meghan Taylor, a spokesperson for the resort.
- The new bonds are unrated and backed by revenues from the non-gaming parts of the resort, with warnings outlined in the bond documents including the possibility of bankruptcy and liquidity issues for the debt in the secondary market.
Bloomberg Markets
By Erin Hudson and Aashna Shah
August 25, 2025