Malaysian conglomerate Genting secures full ownership of struggling American company Empire Resorts, with the deal closing after regulatory approvals.
Casino Giant, Genting Malaysia, Grabs Full Control of New York's Empire Resorts
Hey there! It's time to talk business, specifically about Genting Malaysia's latest move in the gambling scene. They've just announced they've taken over full control of Empire Resorts Limited, a casino operator based in New York! This acquisition, worth around $41 million plus extra debt, gives Genting Malaysia a 100% economic interest in Empire Resorts, previously a 90% stake. But here's the interesting part: Although they only had 49% of common stock, they already accounted for 90% of Empire's losses due to their ownership of Empire convertible preferred stock[1][2][3].
So, what's the deal with Empire Resorts? Their assets include Resorts World Catskills, a casino 90 miles north of New York City, Resorts World Hudson Valley, and mobile sports betting operator Resorts World Bet[1]. This transaction was finalized on May 31, 2025[5].
[1] https://www.insidecasino.com/business/genting-malaysia-completes-acquisition-of-empire-resorts-limiterd/[2] https://www.reuters.com/business/media-telecom/genting-to-acquire-remaining-stake-in-new-york-casino-operator-2021-10-13/[3] https://www.yahoo.com/now/genting-malaysia-says-completes-buying-132400966.html[5] https://www.ajot.com/news/business-financial/asia-pacific/genting-malaysia-for-51pc-stake-in-new-york-casino-operator-041323
- Empire Resorts, now fully owned by Genting Malaysia, has a diverse portfolio in the finance sector, as it owns Resorts World Catskills, a casino, Resorts World Hudson Valley, and mobile sports betting operator Resorts World Bet.
- In addition to their new casino acquisition, Genting Malaysia continues to demonstrate a strong presence in the gambling and sports industries, furthering their financial ventures.
