The issuance of senior notes will be used to repay debts and increase debt reserves, as well as increase the group’s liquidity during the ongoing COVID-19 pandemic. But experts remain cautious about this announcement. Two rating agencies, Fitch and S&P World, gave the notes a B+ mark.

Finch stated they could increase the group’s cash reserves to about $100m, adding it’s “sufficient in the context of weak yet positive forecasted EBITDA generation in the second half of 2020 and minimal maintenance capex needs.” However, the sum might be enough to fund a license for a slots-only casino the group was planning to construct in Orange County, New York. This prediction relied on the project going forward with low expenses. “While the excess cash provides a healthy buffer during our forecasted recovery from the coronavirus, longer term, Fitch expects Empire to maintain lower cash balances more in-line with operating needs.”