MONTICELLO –The Sullivan County Industrial Development Agency approved a technical amendment Wednesday to a previously authorized $300 million refinancing for Resorts World Catskills.

The special meeting, held July 1 at the Sullivan County Government Center, focused on amending Resolution No. 10-26, which the IDA adopted in April. The original resolution authorized the execution and delivery of leasehold mortgages related to the casino project, golf course and Entertainment Village hotel project as part of a $300 million refinancing.

Wednesday’s amendment did not increase the amount of the financing or change its purpose. Instead, it added Empire Resorts Inc. and Genting America Inc. as parties to the credit agreement.

The refinancing will be used to retire $300 million in senior secured notes issued by Empire Resorts Inc. and due Nov. 1, 2026. The April IDA resolution identifies Citicorp International Limited as trustee under the indenture for those notes and as collateral agent for the lenders participating in the 2022 financing.

Officials explained that the refinancing is being funded through a delayed draw under a credit facility that closed several weeks ago. Because the existing bond indenture required advance notice before the debt could be repaid early, the borrowers were required to wait before drawing the funds to pay off the notes.

The refinancing also appears likely to affect a previously proposed Sullivan County Resort Facilities Local Development Corporation bond transaction, which had been structured to acquire non-gaming resort assets through bonds of up to $585 million.

Officials said they expect Resorts World to withdraw its request for the LDC bond financing because the newly secured credit facility eliminates the need for that portion of the transaction.

“We expect to receive from the Resorts World parties, in the next couple of days, a request” withdrawing the bond financing application, officials said during the meeting.

Following the meeting, IDA Executive Director Jennifer Flad said the request had not yet been received.

“At this moment, there’s no change,” Flad said. “We anticipate that they’re going to withdraw their request for bond financing. So then there won’t be an LDC bonding, but we haven’t received that request.”

Flad said the IDA’s role in the refinancing stems from its leasehold interest in the project properties, and said the agency is not providing cash or lending public funds as part of the refinancing.

The agency originally authorized a mortgage in 2022 because of that leasehold interest. 

The April resolution authorized refinancing that mortgage as part of the broader refinancing package, while Wednesday’s action amended the earlier approval to reflect changes in the parties to the credit agreement.

Because the IDA holds a leasehold interest in the project, it must authorize the execution of mortgage documents, amendments and related agreements connected to the refinancing. The April resolution also authorized a mortgage recording tax exemption tied to the refinancing.

The board approved the amendment unanimously.