Genting Malaysia Bhd is injecting up to US$150mil or about RM625mil into its US-based subsidiary Empire Resorts Inc which was severely impacted by the stoppage of operations in March due to the Covid-19 pandemic.
In a statement by GentingM to Bursa Malaysia last Friday, it stated that it would subscribe for the series L preferred stock of Empire for US$150mil and the funds will be used for working capital and financing purposes.
“The equity injection will be funded through internally generated funds and/or bank borrowings, the mix of which has not been determined as yet, ” it said.
GentingM, through Genting Empire Resorts LLC, has an indirect stake of 49% in Empire.
Empire had temporarily closed its entire gaming operations, including Resorts World Catskills (RWC) and it was only on Sept 9 that RWC had restarted its operations.
The disruption to Empire’s operations caused by the pandemic resulted in a significant adverse impact on its liquidity.
About Empire Resorts
Empire Resorts is a company that owns the Monticello Raceway in the Catskill Mountains 90 miles from New York City. Headquartered in Monticello, New York, Empire Resorts is 88.7% owned by Kien Huat Realty Sdn Bhd of Genting Group.
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