Genting Malaysia Bhd will invest another US$100 million in Empire Resorts, bringing its total investment in the New York-based gaming company to US$624.4 million. The move will increase Genting Malaysia's stake in Empire to 76.3% from 49%.

 

Empire, which began full operations in January 2019, operates Resorts World Catskills, an integrated casino resort 90 miles from New York City.

 

Empire also operates Resorts World Hudson Valley, a 90,000-square-foot facility with more than 1,200 video lottery terminals that aims to open by Christmas this year, as well as mobile sports betting in New York, which opened in Opening in March 2022.

 

Genting officials noted that the investment comes after "Empire's performance has been on an upward trajectory", with Empire showing "a strong rebound in its operating performance since June 2021".

 

Empire was privatized in November 2019, totaling EBITDA of $30.6m in FHY21 and $31.8m in EBITDA for the first three quarters of 2022. Its stake acquisition will help its local subsidiary "further capitalize on Empire's growth prospects and strengthen its position in the New York State gaming market." The proposed acquisition, to be financed through "internally generated funds," is in line with Genting Malaysia's intention to secure a full casino license in downstate New York.