Promotions
Home  ›  Gaming News  ›  General News  ›  Empire Resorts Inc received fund from Genting Malaysia

Empire Resorts Inc received fund from Genting Malaysia

by [email protected]
Empire Resorts Inc received fund from Genting Malaysia

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.

Read More

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.

Online Casino Malaysia

Unlike most other casino gaming review sites online which target Western markets, GamingSafe.net is the very first site to specifically target Online Casinos Malaysia, Thailand, and Indonesia, giving us a better view of the online gaming landscape in this region.

We review the site, you enjoy the game! View our Top Trusted Online Casino Malaysia.

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. OK