Global casino operator Genting Malaysia Bhd says it has completed the acquisition of the stake it did not control in loss-making, United States-based Empire Resorts Inc.
Genting Malaysia announced in May that it was proposing to acquire the remaining 51 percent of Empire Resorts. The stake was held by the private investment vehicle of Malaysian entrepreneurs the Lim family, also controller of Genting Malaysia and its parent, Genting Bhd.
The deal involved a total cash consideration of US$41 million. At the same time, a US$40-million debt previously owed by Empire Resorts to the Lim family’s private investment vehicle will now be owed to Genting Malaysia.
Empire Resorts owns three businesses in the U.S. state of New York: casino complex Resorts World Catskills (pictured); Resorts World Hudson, a casino offering video lottery terminals; and mobile sports betting operation Resorts World Bet.
“The board wishes to announce that the proposed acquisition has been completed on 31 May 2025,” stated Genting Malaysia in a Tuesday announcement to Bursa Malaysia.
The move was seen by rating institutions as “credit negative” given the “nature and the financial weakness” of Empire Resorts.
