LOS ANGELES: Genting Group’s plan to sell the hotel at its Resorts World Catskills casino to a government development corporation in New York’s Sullivan County has been put on hold until early January, again delaying a US$561mil municipal bond sale.
The transaction is being postponed because Genting Bhd
has proposed buying out investors in its Genting Malaysia subsidiary and can’t enter into other material transactions in the meantime, Walter Bogumil, chief financial officer of Resorts World US, said in a letter that was read at a meeting of the Sullivan County Resorts Facilities Local Development Corp on Monday.
The corporation had planned to issue municipal bonds to acquire the hotel.
The bond sale had already been delayed twice to answer investor questions. —Bloomberg
