MONTICELLO — Resorts World Catskills is moving to refinance up to $300 million in debt due later this year, as the Sullivan County Industrial Development Agency (IDA) on April 13 authorized mortgage-related agreements tied to a new credit facility intended to address the looming Nov. 1, 2026 bond maturity.

The refinancing effort introduces a new path forward for the casino’s ownership group, Empire Resorts, and its parent company Genting Malaysia. It also raises a central question: what becomes of the county-backed plan to purchase the resort’s non-gaming assets, which had been under consideration for several months as part of a broader restructuring strategy.

The IDA resolution authorizes the execution and delivery of one or more leasehold mortgages covering portions of the casino, hotel and golf course properties. The financing is structured as a new credit facility with Wells Fargo listed as collateral agent. It would provide up to $300 million in new credit secured by those leasehold interests and replace existing obligations associated with a 2022 mortgage.

Under the structure outlined in the resolution, the IDA, which holds certain leasehold interests connected to the project, must consent to and facilitate the placement of mortgages on those interests. The agency also approved a mortgage recording tax exemption tied to the transaction. A fee is expected to be paid to the Sullivan County Funding Corporation upon closing.

During the meeting, IDA members also addressed confusion about the nature of the transaction, emphasizing that the county is not directly providing financing.

“People are misconstruing that somehow the county is coming up with $300 million. And that’s not it at all,” IDA Vice Chair Kathleen Lara said.

Empire Resorts’ approximately $300 million in senior secured notes come due Nov. 1, 2026. Financial disclosures have identified the maturity as a significant pressure point for the company. Fitch Ratings has maintained Empire Resorts’ Issuer Default Rating at ‘B-’ and its senior secured debt at ‘B-’, both on Rating Watch Negative in a March 16, 2026 report, signaling elevated refinancing risk ahead of the November maturity.

County plan in flux 

The refinancing effort follows several months of discussions involving a separate, county-backed proposal centered on the Sullivan County Resort Facilities Local Development Corporation.

Under that plan, the LDC was authorized in 2025 to issue up to $585 million in tax-exempt bonds to acquire Resorts World Catskills’ non-gaming assets, including the hotel, infrastructure and golf course components of the Adelaar resort campus. The authorization was initially set at $570 million before being increased in September 2025 as the scope of the transaction evolved.

The proposed structure was complex. The LDC would acquire the non-gaming assets and enter into long-term leases with Resorts World entities. A separate qualified management company would oversee operations. A General Assessment District was also contemplated. That district would impose a contractual levy on the property to support operating costs, maintenance and bond repayment over the life of the financing.

The LDC transaction was paused in October 2025 after representatives for Resorts World Catskills said its parent company was unable to enter into a material transaction due to restrictions tied to a corporate action involving Genting Malaysia in Asia. According to meeting minutes, the company cited a takeover-related process that triggered regulatory limitations under Malaysian law.

At the time, Resorts World asked the LDC to suspend work on the bond issuance while keeping the structure in place for possible future use. The company indicated that the delay was procedural rather than a rejection of the underlying concept.

As of March 31, 2026, the bond deal had not closed, according to LDC documents. Financial statements included in a recent agenda packet show the corporation had incurred more than $1.5 million in bond-related costs, including legal and advisory fees, which were funded by Resorts World. The same documents note that if the transaction does not move forward, the LDC may ultimately dissolve.

Continuing to explore options

Despite that uncertainty, the LDC remained in place as of early 2026. It maintained its corporate structure and compliance requirements while no active financing transaction was underway.

The refinancing effort approved by the IDA represents a different approach. It is a private lending solution rather than a large-scale public bond transaction involving the transfer of non-gaming assets.

What remains unclear is how the two approaches intersect.

Officials have not publicly clarified whether the refinancing replaces the earlier proposal or whether the LDC transaction remains under consideration as a parallel or contingency option. The Sullivan County Industrial Development Agency declined to comment on the refinancing and whether it affects the LDC transaction. Meghan Taylor, senior vice president of government affairs and public relations for Resorts World New York, also declined to answer questions about the company’s plans.

In a statement, Stefan Friedman, a spokesman for Resorts World Catskills, did not directly address whether the refinancing would replace the earlier proposal.

“We continue to explore all options for refinancing Resorts World Catskills and appreciate the longtime work and support of both the county and the IDA,” Friedman said.

A local attorney who has closely followed the IDA’s handling of Resorts World Catskills said the refinancing structure could ultimately determine whether the earlier proposal moves forward.

David Brittenham said refinancing through a private credit facility would address the company’s near-term debt obligations independently of the LDC plan.

“The likelihood here… they’re probably doing a five-to-seven-year term loan,” Brittenham said.

He added that such financing arrangements typically include restrictions on major asset sales.

“There’s going to be… a covenant that says you can’t sell assets… and an asset sale of that size would simply be prohibited,” he said.

Brittenham said those restrictions could make a transaction like the previously proposed LDC asset purchase difficult to execute under a new financing structure.

Beyond the immediate financing questions, broader market forces could also shape the resort’s long-term outlook. A 2025 report by Capacity Business Consulting, prepared in partnership with Impact DataSource, projected that new downstate casinos could significantly impact Resorts World Catskills, with some scenarios showing potential revenue losses of up to roughly 76 percent.