Per the details of the agreement, Genting will take ownership of 49% of the company. The remaining 51% will go to K.T. Lim, the chairman of Genting Group, through his Kien Huat Realty III trust. Lim, who is also the chairman of Genting Malaysia, previously owned 84.7% of Empire Resorts through the same trust.
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The casino’s largest shareholder, Genting Malaysia, suggested to the brass of the casino’s parent company that it give it control of the casino last week and it appears the executives have jumped on the idea. Empire Resorts has already agreed to let Genting purchase the casino.