Published
CasinoFinancialIndustry

Genting Malaysia to inject $150m to Empire Resorts

Casino operator Genting Malaysia is planning to inject $150m cash into Empire Resorts, a US-based subsidiary it recently acquired by subscribing to Series L preferred stocks. The company stated it’s meant as working capital and for financing purposes.

genting malaysia

Genting Malaysia reputedly holds a 49% stake in Empire, with Kien Huat Realty III Ltd holding the remaining 51%. The company’s stock can increase to 57% if the company Series L preferred stocks will be converted to common stocks, but that will have to wait until 2030 at the earliest.

Genting Malaysia said in a statement: “The equity Injection will be funded through internally generated funds and/or bank borrowings, the mix of which has not been determined as at the date of this announcement.”

In March, Genting Malaysia announced it injected $40m into Empire using Series G preferred stocks. In the same month, the Empire had to temporarily halt its operations due to health and safety concerns.

The company added, “In addition, Empire will require funds to fulfil its short-term debt obligations within the next six months.”

Empire is said to continue with its long-term refinancing plans.

The subscription agreement is part of Empire’s efforts to raise funds, the previous cases include $550m as part of a fixed-term loan and $475m in bond offerings.


Casino News Sponsor
Premium+ Connections
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Evolution
Crown Resorts
Relax Gaming
Gaming and Leisure Properties
Follow Us

Facing Facts: Analysing figures from emerging gambling markets

Where is the gambling market on the rise, and are there any...

Taking Stock: A guide to lottery/iLottery operator and supplier prices

Gambling Insider tracks lottery/iLottery operator and suppli...

New Horizons Cover Feature: United Arab Emirates

With its first land-based casino set to open in 2027 and a n...

New Horizons Cover Feature: Brazil

Brazil performed quite the feat by getting its heavily delay...

The best of Malta at the Global Gaming Awards

Powered by Gambling Insider, the Global Gaming Awards are th...

Preview: SiGMA Malta 2024

A place in the winter sun: SiGMA returns to the home of iGa...

Company profile: Soft2Bet

Bill 55: Advantages and challenges for Maltese operators in...

Company profile: DS Virtual Gaming

DS Virtual Gaming is a leader in the gaming industry, utilis...