• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 24 August 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
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
No Result
View All Result
IAG
No Result
View All Result

Genting Malaysia to invest another US$100 million into loss-making US subsidiary Empire Resorts

Ben Blaschke by Ben Blaschke
Thu 11 Jan 2024 at 04:57
Genting Malaysia to form part of new merged entity taking full ownership of New York’s Empire Resorts

Resorts World Catskills

49
SHARES
1.2k
VIEWS
Print Friendly, PDF & Email

In a move that has been questioned by analysts, Genting Malaysia announced Wednesday it would invest a further US$100 million into its US subsidiary Empire Resorts, taking its total investment since 2019 to US$724 million.

The company said in a filing that its indirect wholly-owned subsidiary, Genting ER II LLC, had on 10 January 2024 entered into a Subscription Agreement to subscribe for up to US$100 million of “Series M Preferred Stock” of Empire, with US$58 million to be used by Empire to fully repay an existing bank facility and the remaining US$42 million for working capital.

Genting Malaysia holds a 49% stake in Empire, which operates New York’s Resorts World Catskills (RWC), the recently opened Resorts World Hudson Valley (RWHV) and a mobile sports betting entity that began operations in March 2022. The other 51% of Empire is held by Kien Huat Realty III Ltd, the family trust of Genting Malaysia’s largest shareholder Lim Kok Thay.

Genting Malaysia noted that, should it choose to convert all the convertible stocks it now holds, including the new Series M stocks, its effective shareholding in Empire would soar to 89.6% by FY2030, when the stocks mature.

The company reasoned that the “proposed equity injection will enable Empire to further optimize its capital structure by reducing financial leverage and correspondingly interest expense at Empire and/or [holding company] Genting Empire Resorts LLC.

“In addition, this will allow quicker ramp up for RWHV and enable Empire to continue its focus on strengthening RWC’s operating performance to realize its full potential.

“The proposed equity injection will also allow Genting Malaysia to reinforce its position and grow its market presence in the expanding New York State gaming market to compete effectively in the northeastern US region. RWC will also be able to continue benefitting from the operating synergies with Resorts World New York City.”

However, Nomura analysts said they expect Genting Malaysia investors in general to view this latest investment – which as a related party transaction does not require shareholder approval – negatively, given that Empire continues to be loss making.

Nomura is estimating that Genting Malaysia will accrue losses from associates of MYR128 million (US$28 million) for 2023 and MYR103 million (US$22 million) in 2024, “mainly due to the continuing share of losses from Empire.”

Despite this, analysts Tushar Mohata and Alpa Aggarwal said they do not expect any major stock price reaction to this latest capital injection, mainly thanks to the ongoing recovery of the company’s Malaysian IR, Resorts World Genting.

“On the contrary, we expect the recent recovery in Genting Malaysia’s share price to continue and expect the Dec quarter (4Q23) to be seasonally strong, with further improvements expected in FY24 with Malaysia’s recent visa waiver to Chinese and Indian tourists,” they wrote.

“There are clear operational / yield improvements in all assets, and losses from underperforming assets are narrowing.”

RelatedPosts

Mario Ho, son of Macau’s Stanley Ho, becomes co-owner and board member of NBA team Boston Celtics

Mario Ho, son of Macau’s Stanley Ho, becomes co-owner and board member of NBA team Boston Celtics

Wed 20 Aug 2025 at 15:23
Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Maybank IB: Genting Malaysia earnings to climb 24% in FY26 on “positive” sale of New York resort’s non-gaming assets

Tue 19 Aug 2025 at 05:26
Genting Malaysia to form part of new merged entity taking full ownership of New York’s Empire Resorts

Genting Malaysia to eliminate Empire Resorts debt via sale and lease back agreement for non-gaming assets of New York’s Resorts World Catskills  

Mon 18 Aug 2025 at 05:14
MGM China hits four year low as gaming stocks suffer massive coronavirus hit

AGEM Index falls slightly by 0.7% in July as two companies go private

Tue 12 Aug 2025 at 06:18
Load More
Tags: Empire ResortsEquity injectionGenting MalaysiaKien Huat Realty III LtdMalaysiaNorth AmericaResorts World CatskillsResorts World Hudson Valley
Share20Share3
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 – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

More reasons to visit Clark

Hann postpones US$207 million IPO due to poor market conditions

by Ben Blaschke
Sun 24 Aug 2025 at 11:19

The holding company of Clark’s Hann Casino Resort has postponed an initial public offering that had been planned to take place in September, according to a report by Bloomberg. The delay is due to global uncertainties that have heavily impacted...

Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

by Pierce Chan
Sun 24 Aug 2025 at 08:30

Driven by the summer holiday travel peak season, Macau’s total visitor arrivals in July increased by 14.5% year-on-year and 19.6% month-on-month, reaching 3,458,366 and recovering to 97.9% of the level achieved in July 2019. Visitors from mainland China remained the...

Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

by Pierce Chan
Sun 24 Aug 2025 at 08:26

The Macau government has revealed that the NAPE food and cultural creativity market, held from 15 August, generated MOP$200,000 (US$25,000) in sales in its first four days. The festival is part of a series of events planned by the government...

Wynn Macau

Wynn Macau Ltd to redeem in full US$1 billion of outstanding notes due 2026 in September

by Ben Blaschke
Fri 22 Aug 2025 at 11:00

Wynn Macau Ltd confirmed Friday that it will redeem in full senior notes due 2026 and valued at US$1 billion on 2 September 2025. The redemption includes the company’s US$750 million 5.500% senior notes due 2026 issued in June 2020...

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

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
  • 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