Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
NEWBURGH—Representatives of Genting Americas, the parent company of Resorts World Catskills casino in Monticello, officially presented plans to the Newburgh Town Board on Feb. 22 to locate a Video Gaming Machine facility at the Newburgh Mall here.
The $32-million “Resorts World Hudson Valley” project would convert 90,000-square-foot of space, including the now vacant Bon Ton Department store into the VGM facility that would feature approximately 1,300 VGMs and Resort World’s signature lounge—Bar 360.
The proposed VGM facility at the 388,000 square foot regional shopping center that is located at the crossroads of Interstates 84 and 87 at the intersection of Route 300, would be leased from the mall property owner. Resorts World Hudson Valley states it would contribute $3 million annually through a Host Community Benefit Agreement to the Town of Newburgh and an estimated $65 million annually to support public schools through statutory payments to the New York Lottery Education Fund.
Other economic benefits of the project touted by Genting include: approximately 215 new full-time jobs, the large majority of which would be union employees, and an additional 200 construction jobs. The average annual wage for full time employees would be $72,000/year (including salary and benefits), the company stated.
Resorts World had floated a plan to develop a VGM facility at the former Nepera Chemical plant property in Harriman, but has since abandoned the project in favor of the Newburgh Mall due to higher than anticipated property cleanup costs at the Nepera site, according to a Facebook posting by New York State Sen. James Skoufis (D-39). That project had been estimated to cost approximately $100 million to develop.
Senator Skoufis said, “When Resorts World first approached me nearly two years ago seeking support for a proposal to bring a gaming center to Orange County, I made my priorities clear to them: jobs, revitalizing a blight, and local community benefits. This project does all three.”
“We are elated at the opportunity to help revitalize the Newburgh Mall, create good-paying union jobs for local residents, and generate significant revenue for New York State’s public schools,” said Bob DeSalvio, president of Genting Americas East. “This potential investment and our vision for what we seek to develop and build with Resorts World Hudson Valley underscores our unwavering commitment to the communities in this region and our strong belief that the best days are ahead of us.”
Genting Americas currently operates Resorts World New York City and Resorts World Catskills, employing more than 2,000 union members between the two properties. Since opening in 2011, RWNY has generated more than $3 billion for New York’s public schools through the Lottery’s education fund.
A host of public and business officials released statements of support for the project, including Orange County Executive Steve Neuhaus, who said, “The proposed plans for Resorts World Hudson Valley delivers on the commitment Genting made to Orange County. It is an investment in jobs, in growth and in the future of Orange County, and it will have an immediate—and positive—impact at a time when we need it the most.”
Town of Newburgh Supervisor Gil Piaquadio added, “We look forward to working with Resorts World through the process to create a new destination in Newburgh that benefits residents and small businesses alike.”
Orange County Partnership President Maureen Halahan noted, “Resorts World is making a monumental investment in Orange County, in the Town of Newburgh. Not only will they be hiring local labor, paying hundreds of thousands of dollars in taxes and creating good jobs, their presence will breathe new life into the Newburgh Mall, reviving the corridor which will result in new opportunity. This is a win-win for all during uncertain economic times.”
Todd Diorio, president of the Hudson Valley Building & Construction Trades Council, said, “We are focused on getting our members back to work after our economy was crippled by the pandemic and this project accomplishes exactly that. Genting has always been a great partner for the union trades and we look forward to continuing to build upon that relationship with the construction of Resorts World Hudson Valley.”
It is not known at press time if Genting and the Hudson Valley Building & Construction Trades Council have negotiated a Project Labor Agreement on the project, as it did with the construction of Resorts World Catskills in Monticello.
Genting Americas currently operates Resorts World New York City and Resorts World Catskills, employing more than 2,000 union members between the two properties.
Resorts World Catskills casino resort in Monticello includes an 18-story all-suite hotel, and a casino featuring 100,000 square feet of gaming space, including 150 live Las-Vegas style table games, 1,600 state-of-the art slot machines, a poker room, private gaming salons and a 100-seat sportsbook lounge. The casino resort also offers 10 varied bar and restaurant experiences, which includes an Italian steakhouse created by celebrity chef Scott Conant, and year-round live entertainment at the 2,500-seat RW Epicenter, casino bars and lounges.
The hotel located within Resorts World Catskills is comprised of 332 suites, the Crystal Life Spa, two indoor pools, and two fitness centers. The integrated casino resort also includes additional stay and play destinations on its campus, including The Alder, an adjacent 101-room lifestyle hotel featuring the first Topgolf Swing Suites in New York State, and Dos Gatos, a cantina-style Mexican eatery and the recently opened Kartrite Resort and Indoor Waterpark, and will be expanded to include a Rees Jones redesigned golf course.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
New York City remains a top market for investment for international groups.
Some of the highlights of the two-day event included the selection of 2024 HGAR award winners, including Realtor of the Year Tony D’Anzica and Affiliate of the Year Richard Haggerty.
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