MONTICELLO — Resorts World Catskills has successfully refinanced approximately $300 million in secured notes that were set to mature in November, according to the County of Sullivan Industrial Development Agency (IDA).

Howard Siegel, chairman of the IDA and the Sullivan County Resort Facilities Local Development Corporation (LDC), confirmed July 2 that Empire Resorts Inc.’s 7.75 percent secured notes had been refinanced.

“Local concerns about a default when the Notes would have matured in November are now behind us,” Siegel said.

The refinancing was also reflected in the July 7 Public Record Bulletin, which listed a $300 million mortgage from Wells Fargo Bank National Association. The borrowers listed were Montreign Operating Company LLC, Empire Resorts Real Estate I LLC, Empire Resorts Real Estate II LLC, the County of Sullivan Industrial Development Agency and Genting Americas Inc.

The bulletin also listed the satisfaction of a $300 million mortgage involving Montreign Operating Company LLC, Empire Resorts Real Estate I LLC, Empire Resorts Real Estate II LLC and the County of Sullivan Industrial Development Agency, with Citicorp International Limited listed as lender.

The refinancing ends Resorts World Catskills’ request for the IDA and Resort Facilities LDC to issue Series 2025 Bonds. The proposed local bond transaction had been for up to $585 million.

In a letter to the IDA, Resorts World Catskills Chief Financial Officer Walter Bogumil said the company had used other funds now available to retire the notes.

“By using other funds now available to retire the Notes, we hereby withdraw our request to the Agency and Resort Facilities LDC to issue the Series 2025 Bonds,” Bogumil wrote.

Jennifer Flad, executive director of the Resort Facilities LDC, said the corporation was created solely to act as the issuer of the Series 2025 Bonds. With the bond request withdrawn, she said the LDC is no longer needed.

“We anticipate the Resort Facilities LDC will be dissolved in the near future,” Flad said.

Bogumil said the retirement of the notes will allow Resorts World Catskills to focus on operations and continue its partnership with the Sullivan County community.

“The efforts of IDA and the Resort Facilities LDC are truly appreciated by Resorts World Catskills,” Bogumil said.

Resorts World Catskills is indirectly owned by Empire Resorts Inc., a member of the Genting Group.