Genting Group Chairman Lim Kok Thay is moving to take Empire Resorts – the parent company of New York’s Resorts World Catskills – private.
In a company announcement, Lim’s family trust, Kien Huat, revealed that the patriarch – who already owns 86% of Empire Resorts – planned to immediately start discussions regarding potential financing options which it says is aimed at protecting the thousands of jobs in the face of economic challenges.
“Today’s announcement reaffirms Mr Lim’s strong commitment to Resorts World Catskills. We strongly believe that taking the company private will result in greater efficiencies and a bright future for Resorts World Catskills, and Sullivan and Orange Counties,” said a Lim spokesman Stefan Friedman.
Kien Huat said it planned to not only protect the jobs of Resorts World Catskills’ 1,600 employees but create an additional 300 jobs by expanding to Orange County.
“This is a natural next step for Mr Lim to take on a larger role in leading Resorts World Catskills as it enters this next chapter. Mr Lim strongly believes in the long-term potential of Resorts Word Casino Catskills,” Friedman said.
Resorts World Catskills comprises an 18-story all-suite hotel and 100,000 square feet of casino floor with 150 gaming tables, 2,150 slot machines, a poker room and private gaming rooms.
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