Genting Malaysia's Cash Boost: Empire Resorts in the Spotlight

Author:

Anne Hartley

|Published: January 17th, 2024

Genting Malaysia is making moves, injecting around US$100 million into its New York-based Empire Resorts. The cash is riding in via preferred stocks, convertible to common equity post-2030. Empire Resorts plans to channel $58 million to settle a bank loan, with the rest earmarked for general corporate jazz.

Cash Splash in NY: Genting's Strategic Play

Over a year ago, Genting sprinkled around $100 million in preferred shares over the struggling New York casino firm. With this recent capital cocktail, Genting's tally in Empire Resorts stands at a staggering $725 million. Preferred stocks? Yeah, investors love them—they're like the VIP pass for dividends.

Empire Resorts' Saga: A Bid for Regulator Love?

Once a publicly traded player, Empire Resorts hit rough patches. Genting's recent capital drip seems like a bid to woo New York regulators. While it doesn't run Resorts World New York City, currently eyeing a downstate casino license, Genting might be playing the long game. Experts think Genting wants to sweet-talk regulators and position Resorts World NYC as a front-runner for one of the coveted commercial gaming licenses.

The Waiting Game: Genting's Commitment or Last-Ditch Effort?

Awarding those licenses takes time, maybe until late 2024. Is Genting committed or just giving Empire Resorts one last hurrah? The parent company says it's strengthening its roots, boosting its market presence, and aiming to compete fiercely in New York's gaming arena. They say that Resorts World Catskills will continue benefiting from the Resorts World NYC synergy.

Community Love: Queens Roots for Resorts World NYC

Queens communities back Resorts World NYC's expansion, fueling Genting's licensing hopes. Clergy, civil rights groups, and economic inclusion advocates are rallying behind the casino's growth plans. Even the Jamaica Hospital Medical Center is singing praises, calling Resorts World NYC a generous partner worth expanding.