Genting Malaysia Bhd says it has shelved plans to recapitalise its U.S.-based subsidiary Empire Resorts Inc after the latter repaid the debt that had formed the basis of the proposed restructuring.
In a filing with Bursa Malaysia on Friday, Genting Malaysia said Empire Resorts had redeemed the full principal amount of its US$300-million 7.75-percent senior secured notes due on November 1, 2026. The redemption was completed on July 2.
Empire Resorts owns three businesses in the U.S. state of New York: the upstate casino complex Resorts World Catskills (pictured in a file photo); Resorts World Hudson, a casino offering video lottery terminals; and the mobile sports betting operation Resorts World Bet.
The repayment of the notes removed the debt underpinning the capital-enhancement proposal first announced by Genting Malaysia in August last year.
The plan included the proposed US$525.0-million disposal of Empire Resorts’ non-gaming assets at Resorts World Catskills to Sullivan County Resort Facilities Local Development Corp.
The sale proceeds were intended to fund the redemption of Empire Resorts’ US$300-million senior secured notes, among other purposes.
“With the redemption of the Empire notes, parties to the proposal have agreed that the proposal will not proceed,” the parent company said in its Friday filing.
In June 2025, Genting Malaysia said it had completed the acquisition of the stake in Empire Resorts that it did not already control.
In December last year, Genting New York LLC, another unit of Genting Malaysia, was awarded a full casino licence for downstate New York. The group has pledged a US$5.5-billion investment through to 2030 to secure the licence.
Genting Malaysia reported a loss of MYR25.2-million (US$6.2-million) for the first three months of 2026, compared with a MYR51.9-million profit a year earlier. The quarterly loss was despite a 10.5-percent year-on-year increase in group-wide revenue during the period, to nearly MYR2.87 billion.
