MONTICELLO – Resorts World Catskills has staved off the possibility that it could have defaulted on $300 million in bonds when they matured in November “by using other funds now available to retire the notes,” resort Chief Financial Officer Walter Bogumil said Thursday.
Had that new funding not become available, Resorts World Catskills had planned on requesting the Resort Facilities Local Development Corporation to issue new bonds.
Sullivan County Industrial Development Agency had created the special local development corporation solely to act as issuer of new bonds, said Jennifer Flad, executive director of Resort Facilities LDC. Since its function is no long needed, she said it will be dissolved in the near future.
“The retirement of the notes will allow Resorts World Catskills to focus on operational excellence and to continue our partnership with the Sullivan County community,” said Bogumil.
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