Genting’s Resorts World Catskills Hotel US$561 Million Municipal Bond Sale Postponed Due to Merger

TigerNews SG10-23

(Oct 23): Genting Group's intention to sell the hotel at its Resorts World Catskills casino to a governmental development corporation in Sullivan County, New York, has been delayed until early January, further postponing a US$561 million municipal bond sale.

This delay is attributed to Genting Bhd (KL:GENTING) proposing to acquire the investors in its Genting Malaysia Bhd (KL:GENM) subsidiary, which prevents them from entering into other significant transactions at this time, as stated by Walter Bogumil, chief financial officer of Resorts World US, in a letter presented at a meeting of the Sullivan County Resorts Facilities Local Development Corp on Monday (Oct 20).

The corporation had intended to issue municipal bonds to fund the hotel's acquisition. This bond sale has already been postponed twice to address queries from investors.

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