After starting construction on its Montreign Resort Casino in the summer, Empire Resorts Incorporated has closed on the final pieces of financing needed to complete the $1.2 billion development in upstate New York.

Empire Resorts Incorporated revealed that its Montreign Operating Company subsidiary has secured a $485 million loan facility that consists of $70 million in Term-A commitments holding a maturity date of January 22, 2022, and $415 million in Term-B assurances due a year later along with a senior secured revolving credit facility worth $15 million.

Charlie Degliomini, Executive Vice-President for Empire Resorts Incorporated told the local Times Herald-Record newspaper that Montreign Resort Casino, which is scheduled to open in March of 2018, has been received well enough in the capital markets to entice banks to sign on to its financing. He additionally revealed that his firm delayed finalizing the loan for the 18-story development until after a referendum on expanded casino gambling in New Jersey failed in November so as to secure better rates.

Set to be located on the outskirts of the small Catskill Mountains village of Monticello near the town of Thompson, the Montreign Resort Casino will reportedly offer an 80,000 sq ft casino featuring some 2,150 slots as well as 102 gaming tables. There will also be a VIP lounge due to include an upscale food and beverage selection, eight high-stake tables and 26 high-denomination slots as well as six private gaming salons and an exclusive gaming cage all serviced by butlers.

As if all of this wasn’t enough, the 390-room development on 1,700 acres of land next to Kiamesha Lake is to moreover offer a Rees Jones 18-hole golf course alongside an indoor water park while an “entertainment village” is to feature dining, performance and retail outlets.

“The proceeds of the Term-B loan were used to pay fees and expenses related to the financing and fund various lender-controlled accounts,” read a statement from Empire Resorts Incorporated. “The proceeds in these lender-controlled accounts, which accounts will include proceeds of the Term-A loan upon borrowing, will be used by Montreign Operating Company and its subsidiaries to fund the costs relating to the development and construction of Montreign Resort Casino as well as the entertainment village and the golf course to be located at the Adelaar destination resort in Sullivan County, New York. The proceeds of the revolving credit facility may be used for working capital needs, capital expenditures and other general corporate purposes.”

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