Malaysian investors, Kien Haust and Genting Malaysia have struck a deal with Empire Resorts, the company which operates the upstate New York’s largest casino, to purchase all remaining shares of the casino resort, Resorts World Catskills. The investors already own about 86 percent of the casino resort.
The dilapidated state of finances due to continued losses had brought the casino to the verge of Bankruptcy.
Earlier this week, reports emerged that the casino could file for bankruptcy anytime soon.
The gambling facility lost about $73 million in just the first half of 2019 to June 30 alone. It has also accrued over $400 million in debts.
However, avoiding bankruptcy, Empire Resorts decided to sell the remaining stocks to investors Genting Malaysia and Kien Haut who already own 86 percent of Resorts World Catskills. The deal has been finalized at $9.74 per share and the entire purchase is expected to be completed in the fourth quarter this year. Following the deal, the company will be privately held and no longer publicly traded.
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.