Genting Malaysia has entered into an agreement with Empire Resorts to subscribe up to $20m in “Series L preferred Stock”.
The US-based Empire Resorts will receive a funding of $ 20 million which would boost its equity and would assist it I fulfilling its debt obligations.
Empire Resorts operated ‘Resorts World Catskill’ in New York has been closed since March 2020 and its revenue has been severely affected by the pandemic.
Genting Malaysia has ealier invested $40m in March 2020 and $150m in September to keep the operator afloat. The recent investment could make Genting Malaysia a majority shareholder in the company.
As per Gambling Insider, Genting Malaysia said: “The Proposed Equity Injection will enable Empire to have funds to fulfil its financing conditions to complete the short-term refinancing plan.”