Genting Malaysia said it’s injecting $40 million of capital into its loss-making U.S. unit, Empire Resorts, through the issue of series G preferred stock.
Shareholders of Empire Resorts have approved of its merger with Genting Malaysia, which will see Genting own 38.3 percent of the company. Earlier this month, the Malaysian operator said it paid $9.74 per share for the stake in Empire, which operates the Resorts World Catskills property in New York State. Genting first announced plans to […]
Genting Malaysia says a lawsuit filed by an investor against Empire Resorts is without merit.
Genting Malaysia is being sued by a minority shareholder of Empire Resorts who claims that the operator is undervaluing the U.S. company.
Genting Malaysia has issued a statement defending its proposed acquisition of Empire Resorts saying the combination is in the best interests of both companies’ shareholders.
Empire Resorts unit, Montreign Operating Co., said it has entered into an accord to use the name and logos of Genting and its Resorts World brand for a casino under development in Sullivan County, New York. The MOC is developing a $1.2 billion result, that will include an 18-storey hotel, a a casino floor exceeding […]
Genting Malaysia is pushing ahead with its overseas expansion plans, though analysts its acquisition of Empire Resorts will weigh on long-term earnings.
Genting says its U.K. licensed interactive business will remain the focus for its online gambling push, despite a recent headline grabbing tie up with online gaming company bet365 in New York.
The $1.2 billion Resorts World Catskills opened its doors on February 8, expanding the Genting brand in the U.S., even though the Malaysian company missed out on a license for its own property in New York State. The project, which is the biggest of four new resorts in the upstate area, will be the first IR in the U.S. to carry the Genting name. The company has been pushing hard to penetrate the North American market, though with mixed results.