• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Investor sues Empire, says Lim offer undervalues: report

Oct 11, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


Investor sues Empire, says Lim offer undervalues: report

A minor shareholder is reportedly suing United States-based casino firm Empire Resorts Inc, operator of Resorts World Catskills (pictured) in New York state, claiming that group’s stock is undervalued in relation to a privatisation bid by interests controlled by Malaysia’s casino dynasty the Lim family.

The local Times Herald-Record newspaper reported the matter on Wednesday – citing a Tuesday filing in the state’s Supreme Court by stockholder David Mullen, of New Jersey.

In August, loss-making Empire Resorts Inc – it recorded a deficit of nearly US$138.8 million for the financial year ended December 31, 2018 – told Nasdaq it had agreed to a merger deal to take the firm private.

Under the deal, affiliates of Kien Huat Realty III – the family trust of Lim Kok Thay, a businessman who is the controlling shareholder of the Genting group, a Malaysia-based casino and plantations conglomerate – and the latter’s unit, Asia-based casino operator Genting Malaysia Bhd – would acquire all of the outstanding equity of Empire Resorts not currently owned by Kien Huat or its affiliates.

According to a separate filing by Genting Malaysia to Bursa Malaysia, a subsidiary – Genting (USA) Ltd – would pay US$128.6 million for 13.2 million units of Empire Resorts’ stock – held by Kien Huat Realty III – at US$9.74 per share.

The New York state news outlet said that in his suit, Mr Mullen accused Empire Resorts and its board of not providing enough information to assess Lim and Genting’s offer, and of endorsing the deal because board members would financially benefit from it. He is said to be seeking class-action status for minority shareholders.

The suit also reportedly claimed that the Lim family and the Genting group scared off third-party offers by publicly declaring, via Empire Resorts’ financial filings, that they would not consider buyout proposals judged unsuitable for Empire Resorts.

On Thursday Empire Resorts filed with Nasdaq a term sheet for the proposed privatisation deal, confirming the offer price of US$9.74 per share for a deal encompassing just under 5.95 million shares of common stock and other related securities.


  • tweet
Related articles
  • Genting-tied support for Empire Resorts to reach US$624mln
    Genting-tied support for Empire Resorts...

    Dec 06, 2022  

  • Resort land rights played against Genting Macau bid: Green
    Resort land rights played against...

    Nov 28, 2022  

More news
  • Aristocrat completes acquisition of Roxor Gaming
    Aristocrat completes acquisition...

    Feb 03, 2023  

  • Mainland tour groups to Macau to resume Feb 6: govt
    Mainland tour groups to Macau to resume...

    Feb 03, 2023  


Latest News

Aristocrat completes acquisition of Roxor Gaming

Aristocrat completes acquisition of Roxor Gaming

Feb 03, 2023  

Slot-machine maker and game-content provider Aristocrat Leisure Ltd says it has completed the acquisition of Roxor Gaming Ltd, a game developing company based in London, in the United Kingdom. The...
Read More
Mainland tour groups to Macau to resume Feb 6: govt

Mainland tour groups to Macau to resume Feb 6: govt

Feb 03, 2023  

Pagcor CEO confident gaming sector will fully recover soon

Pagcor CEO confident gaming sector will fully recover soon

Feb 03, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.43 billion

Macau’s January casino gross gaming revenue



Most Popular

  • Jaw-dropping wagers in Macau CNY survey: CitigroupJaw-dropping wagers in Macau CNY survey: Citigroup February 2, 2023
  • January travel lift, CNY sees Macau GGR up 233pct m-o-mJanuary travel lift, CNY sees Macau GGR up 233pct m-o-m February 1, 2023
  • Macau ops track early recovery after Jan GGR: analystsMacau ops track early recovery after Jan GGR: analysts February 1, 2023
  • Aruze Gaming America opts financial rejig after legal matterAruze Gaming America opts financial rejig after legal matter February 2, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us