Genting Malaysia to Invest $150 Million in US Casino

Today it was revealed that Genting Malaysia will be investing $150 million into the Empire Resorts casino in the United States in an effort to help the latter repay debts.

This is the second cash infusion in Empire from Genting, and the money will be used to partially pay off $365 million in debt that the company has racked up. To date, Genting has lent Empire Resorts more than $1 billion, as the company has experienced hardship due to the Covid-19 pandemic. Empire Resorts manages Resorts World Catskills and the Montecello Raceway, while Genting manages a 49% stake in the company.

There appears to be a bounceback for Empire in the works, as casinos around the country are starting to come back to gamble as vaccines are being distributed.

In a statement, Genting Malaysia said: "The proposed equity injection will also allow Genting Malaysia to reinforce its position and grow its market presence in the New York State gaming market by leveraging synergies between Resorts World New York and Resorts World Catskills. There will also be joint marketing initiatives with Genting's Resorts World Las Vegas integrated resort that recently opened in June."