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Investment group announces plan for Ulster County casino.

An investment group led by casino manager Larry Woolf and gaming financier Michael Treanor has bought the beleaguered Nevele Grande Hotel and Country Club in Ulster County and announced plans for a five-star gaming resort on the 500 acre site.

Nevele Investors LLC said redevelopment of the property in Wawarsing, NY, will create thousands of jobs and will be the eastern anchor of the revitalization of the Catskills historic resort region.

"It's a first step in realizing our vision for a redeveloped Nevele resort and revitalized Catskills region," said Treanor, CEO of Nevele Investors LLC.

"The purchase is a key step in a regional initiative to drive tourism and stimulate area businesses. The Nevele has always been central to the regional economy, and our plan would restore it to its former use and prominence."

If casino gaming is approved for the resort, Nevele Investors anticipates up to a $500 million redevelopment, which would transform the current site into a resort and casino employing as many as 1,000 people.

The investment group intends to preserve several of the Nevele's iconic elements, including the tower, entrance lobby and ice rink. The investment group also plans to re-open the Nevele's professional golf course and to restore it to its former championship-level status.

The Nevele Grande has been closed since 2009 and the property had gone into receivership prior to the purchase by Nevele Investors LLC.

The town boards of both Wawarsing and Ellenville have unanimously passed resolutions endorsing inclusion of the Ellenville/Wawarsing region in state legislation permitting casino gaming. Ulster County Executive Mike Hein, Ulster County Legislature Chairwoman Terry L. Bernardo, Wawarsing Town Supervisor Scott Carlsen and Ellenville Mayor Jeff Kaplan have all indicated strong support.

"I congratulate the Nevele Investors LLC group on finalizing the purchase of the Nevele resort property," said County Executive Hein.

"Ulster County looks forward to working with municipal leaders and the development team to ensure the revitalization of this incredible tourism destination. The opening of this historic property and the creation of jobs is critically important to our entire community."


"We're excited that this potential project is moving forward with the promise of needed investment and job creation," said Chairman Bernardo.

"The economic boost associated with the re-development of the historic Nevele Grande Hotel is critically needed in Ulster County and I, along with my colleagues on the County Legislature, look forward to working closely with all involved."

Woolf, a former president of Caesar's in Lake Tahoe, NV chairman of MGM Grand in Las Vegas said the closure of upstate resorts had hit local businesses hard.

"We look forward to meeting with county legislators, speaking with residents and joining with local businesses in working to eventually welcome employees and guests back to the Nevele," Woolf added.

Supervisor Carlsen said he was confident local people would rally behind the casino resort plan.

"It would be a tremendously positive project in terms of really bringing people back to the Nevele, to Ulster County and the Catskills."
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Comment:Investment group announces plan for Ulster County casino.
Publication:Real Estate Weekly
Date:May 2, 2012
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