• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 18 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Genting Malaysia injects another US$20 million into Empire Resorts

Ben Blaschke by Ben Blaschke
Sun 21 Mar 2021 at 07:45
Genting Malaysia to form part of new merged entity taking full ownership of New York’s Empire Resorts

Resorts World Catskills

78
SHARES
2k
VIEWS
Print Friendly, PDF & Email

Genting Malaysia is preparing to inject another US$20 million into Empire Resorts Inc that will likely see it claim a majority share in the New York-based casino firm.

The company announced Friday that its wholly-owned subsidiary, Genting ER II LLC, has entered into a subscription agreement to subscribe for up to US$20 million in “Series L Preferred Stock” in Empire in order to boost the latter’s equity due to challenges arising from the COVID-19 pandemic.

Empire operates Resorts World Catskills and harness horseracing facility Monticello Raceway in the state of New York.

Genting Malaysia currently holds a 49% stake in Empire Resorts, with the remaining 51% held by Kien Huat Realty III Limited – the private investment vehicle of Genting Group Chairman and CEO Lim Kok Thay. Should both Genting Malaysia and Kien Huat both convert all of their outstanding series shares – including those comprising this latest US$20 million investment – into common stock, Genting Malaysia would hold a 58% stake in Empire by 2030, when the last of those conversions is schedule to take place.

This is not the first time the Malaysian casino operator has injected extra funding into the embattled US firm, which it acquired in partnership with Kien Huat via a takeover deal in 2019. Genting Malaysia had previously injected US$40 million in funding in March 2020, then another US$150 million last September.

On Friday, the company said further funds were needed to ensure Empire fulfilled its debt obligations after being forced to close for six months from March to September 2020 due to COVID-19.

“The Proposed Equity Injection will enable Empire to have funds to fulfill its financing conditions to complete the short-term refinancing plan,” Genting Malaysia said. “In addition, Empire will be able to prove out its business plan and continue with its long-term refinancing plans.

“The Proposed Equity Injection will also allow Genting Malaysia to continue securing its position to participate in the prospects and future growth of Empire, particularly in relation to the Orange County Opportunity and the potential expansion of sports betting opportunities within the state of New York.”

RelatedPosts

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

Thu 18 Sep 2025 at 02:08
Genting sued by partner in Bahamas casino Resorts World Bimini for alleged “massive and co-ordinated fraud”

Genting Malaysia looks to dismiss amended complaint filed by partner in Bahamas casino-resort, says no new material elements introduced

Wed 17 Sep 2025 at 19:02
Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Genting Malaysia plan to sell off non-gaming assets of Resorts World Catskills delayed for a second time

Wed 17 Sep 2025 at 17:06
Guiding light

Light & Wonder prices US$1 billion in senior notes to pay down existing debt

Thu 11 Sep 2025 at 07:00
Load More
Tags: Empire ResortsGenting MalaysiaKien Huat Realty III LtdLim Kok ThayMalaysiaNew YorkNorth AmericaResorts World Catskills
Share31Share5
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lankan cabinet approves budget proposal to increase betting levy, double casino entry for locals

by Newsdesk
Thu 18 Sep 2025 at 02:27

The Sri Lankan cabinet has approved a proposal in the country’s 2025 budget that will see the betting levy increased and casino entry fee for locals doubled. According to a report by local business media outlet Economy Next, Cabinet Spokesman...

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

by Newsdesk
Thu 18 Sep 2025 at 02:08

CDC Gaming, the premier source of news, commentary and analysis for the gaming industry in the Americas and sister company to Inside Asian Gaming, has announced a revamped, reimagined and refreshed Day Zero Party ahead of this year’s Global Gaming...

Wynn says UAE development contribution to total around US$900 million as Thailand opportunity looms large

Cryptocurrency payments, smart table rollout across all games among technology innovations being planned at Wynn Al Marjan Island

by Ben Blaschke
Thu 18 Sep 2025 at 02:01

Wynn Al Marjan Island is looking to open with smart gaming tables installed across all or most of its gaming areas and payment options that include cryptocurrencies, the company has revealed. David Patent, Executive Vice President, Gaming Operations at Wynn’s...

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

by Newsdesk
Wed 17 Sep 2025 at 19:04

IAG sat down with Nilo Thaddeus Rodriguez – the President and CEO of Newport World Resorts – to discuss the property’s recent market share gains and what new features and attractions we can expect to see in the coming months.

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語