Genting Malaysia Completes Acquisition of New York-Based Empire Resorts
Genting Malaysia has completed its acquisition of the remaining 51% stake in Empire Resorts Limited, a New York-based gaming operator, from the family trust of Lim Kok Thay, the patriarch of the Genting Group. The announcement was made through a corporate filing on June 3, confirming the transaction, which is valued at approximately $41 million in cash, along with the assumption of additional debt liabilities tied to Empire's operations.
LISTEN TO THIS ARTICLE:Prior to the acquisition, Genting Malaysia already held a 49% equity interest in Empire Resorts but accounted for 90% of its financial exposure due to its ownership of Empire's convertible preferred stock. The completion of this deal raises Genting Malaysia's total economic interest in the company to 100%, effectively consolidating all ownership and operational responsibilities under a single corporate entity.
Related: Resorts World Genting Inaugurates New CasinoEmpire Resorts owns and operates several gaming and hospitality properties in New York, including Resorts World Catskills, a full-scale commercial casino located roughly 90 miles north of New York City, and Resorts World Hudson Valley, situated within a retail complex in Orange County. In addition to these physical assets, the company also manages a mobile sports wagering platform under the brand Resorts World Bet, which serves New York's online betting market.
Despite the strategic significance of owning Empire outright, financial analysts have expressed concerns regarding the implications of the acquisition. Genting Malaysia has invested approximately $720 million into Empire since 2019, a period during which the company has consistently reported financial losses.
The primary concern cited by analysts is the lack of a clear strategy to reverse Empire's losses. With the full acquisition, Genting Malaysia will now be required to absorb 100% of Empire's financial performance into its consolidated accounts, increasing its exposure to ongoing operational deficits. Analysts also noted the likelihood that Genting Malaysia will need to provide further capital injections to sustain Empire's business, especially in the absence of a sustainable turnaround plan.
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Genting Malaysia's broader financial performance has also faced challenges. In its latest quarterly report for the period ending March 31, the company recorded a 6% decline in total group revenue, which amounted to $613 million.
Within this total, revenue from its flagship integrated resort, Resorts World Genting in Malaysia, fell by 7% to $382 million. The company attributed this downturn to weaker results in the premium player segment, which has been affected by regional market fluctuations and changing consumer behavior.
The full consolidation of Empire Resorts' financials into Genting Malaysia's accounts marks a significant shift in the group's international strategy. However, the increased financial burden and uncertainty surrounding Empire's recovery trajectory have raised concerns among investors and analysts.
With the completion of the transaction, Genting Malaysia assumes full operational and financial responsibility for Empire's future performance, positioning itself more deeply within the evolving New York gaming market.
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