Genting to pay US$12mln to end lawsuit on Empire Resorts

Jun 15, 2022 Newsdesk Latest News, Top of the deck, World  

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Gaming conglomerate the Genting group is to pay US$12 million to end investor civil court action in the United States over the 2019 exercise that saw the Malaysian giant take private the formerly Nasdaq-listed New York state casino operator, Empire Resorts Inc.

That is according to law-related publications that cited Tuesday court filings in the U.S. state of Delaware.

In August 2019, the-then loss making Empire Resorts said it had agreed to a merger deal with Kien Huat Realty III Ltd – the family trust of Lim Kok Thay, a businessman who is the controlling shareholder of the Genting group – and Genting Malaysia Bhd, for entities linked to those two companies to acquire the shares of Empire Resorts they did not already own.

The deal had valued Empire Resorts shares at US$9.74 apiece. The litigation claimed the deal was the result of pressure applied by Kien Huat and Genting Malaysia.

According to the filings, the settlement “in no way constitutes an admission of wrongdoing” or liability.

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