MONTICELLO – The Sullivan County Resort Facilities Local Development Corporation (LDC) met on Monday morning when Jennifer Flad, Executive Director of the County of Sullivan Industrial Development Agency (IDA) announced that Resorts World Catskills is delaying the issuance of bonds until at least the first week of January. 

The LDC was created to purchase certain parcels of the Resorts World Catskills property in Monticello with bonds up to $585 million. 

The bond sale had already been delayed in September, and now the delay is due to stock faulted for trading according to Genting Malaysia, the parent company of Empire Resorts.

Resorts World Catskills and the IDA did not respond to requests for comments.

In its letter, Genting asked the LDC to “suspend work” on the bond issuance, adding that Resorts World Catskills is willing to pay for costs pertaining to the LDC, and is “grateful for the accommodations.” 

During public comment, resident David Brittenham asked the LDC to “be more forthcoming” about its activities. 

He questioned the LDC’s expenses, including $325,000 to Walter Garigliano, counsel for the IDA, for legal services and $600,000 to Harris Beach for legal services. 

Chairman of the LDC, and also the IDA, Howard Siegel responded that their “hands are tied to some extent” in the ability to present information because this is a public bond.

In regard to the fees, Siegel said that Resorts World has paid the LDC as they go along.

Another resident asked about, if the sale goes through, would the LDC have any input in what happens with the property. 

The proposed sale would include hotels, the Alder/Entertainment Village, the 18-hole golf course, restaurants, event and meeting spaces as well as undeveloped land at the Resorts World campus, but not the casino entity itself. 

Walter Garigliano, counsel for the IDA and LDC, responded that they would not have input, and that the land is owned by a real estate investment trust.