Gambling giant, Malaysia-based Genting Group has finalized the deal to acquire a 38.3-percent stake in US-based casino operator Empire Resorts Inc. The deal has been closed and was announced earlier in the year in August.
Empire resorts had been struggling to post positive revenue figures. The casino operator owns and operates the upstate New York Casino, Resorts World Catskills. The casino features a 332 all-suite hotel, 1,600 slot machines and over 150 live table games.
In a statement to the press, confirming the finalization of the deal, Genting said that they have acquired 13.2 million units of Empire Resorts’ common stock – held by Kien Huat Realty III Ltd – at US$9.74 per share.
The Resorts World Catskills had been inching towards Bankruptcy.
While the gambling facility lost about $73 million in just the first half of 2019 to June 30, it has also accrued over $400 million in debts.
However, in August, Malaysian investors, Kien Haust and Genting Malaysia struck a deal with Empire Resorts to purchase all remaining shares of the casino resort, Resorts World Catskills. The investors already held about 86 percent of the casino resort.
Resorts World Catskills began operation in 2018. It is one of the largest amongst the four upstate New York casinos – Rivers Casino & Resort in Schenectady, del Lago Resort & Casino near Waterloo in the Finger Lakes and Tioga Downs, west of Binghamton in the Southern Tier.