Genting Malaysia To Acquire Remaining 51% Stake In New York Assets
The acquisition includes the assignment of an intercompany loan worth USD39.7 million (approximately RM171.4 million), bringing the total cash consideration to USD41.0 million (around RM177.0 million). The transaction, pending regulatory approval from the New York State Gaming Commission, is expected to be completed by the end of the second quarter of 2025.
GERL is the immediate holding company of Empire Resorts Inc. (Empire), which fully owns and operates a portfolio of gaming and hospitality assets in New York, including: Resorts World Catskills (RWC), an integrated casino resort
Resorts World Hudson Valley (RWHV), a video lottery terminal facility
Resorts World Bet, a licensed mobile sports wagering platform
Prior to the deal, GERL was jointly managed by KH and Genting ER Limited, with KH holding a 51% stake and Genting ER Limited holding 49%. With the acquisition, Empire will become an indirect wholly-owned subsidiary of GENM.
Genting said the acquisition aligns with its long-term strategy to strengthen the Resorts World brand in the U.S. and enhance operational synergies between its existing New York City property and Empire's assets. The company also noted that the deal was negotiated on a willing buyer–willing seller basis, with the price falling within the market valuation range as assessed by an independent valuer.
'The transaction will enable Genting Malaysia to consolidate its U.S. gaming interests and optimise performance across its New York operations,' the company said in a statement. Related
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
03-06-2025
- Malaysian Reserve
Empire Steak House Celebrates Father's Day with Elegant Prix Fixe Menu and Exclusive Beverage Experiences in New York and Hawaii
NEW YORK, June 2, 2025 /PRNewswire/ — Empire Steak House, the acclaimed fine-dining destination known for its USDA Prime steaks and refined hospitality, invites guests to celebrate Father's Day with a luxurious prix fixe menu and premium beverage pairings from Saturday, June 14 through Monday, June 16, 2025, at all locations in New York City and Honolulu, Hawaii. A Father's Day Feast to Remember Empire's four-course prix fixe menu ($120 per person) showcases the restaurant's most beloved dishes, perfect for honoring dads and father figures in an upscale, celebratory setting. Highlights include: Appetizers: Fried Calamari, Canadian Bacon, Grilled Octopus Entrées: Prime New York Strip Steak, Filet Mignon, Lobster Ravioli, Shrimp Scampi Desserts: Tiramisu, Cheesecake, or Chocolate Mousse Cake Each meal includes a choice of salad, side, and coffee or tea. NYC Exclusive: Father's Day Whiskey Tasting At Empire's New York City locations, guests can elevate their experience with a limited-availability Father's Day Whiskey Tasting, available in three tiers: Standard Tasting ($60): 1 oz pours of Basil Hayden, Bulleit Bourbon, Buffalo Trace, Michter's 10-Year Rye Premium Tasting ($108): 1 oz pours of Baker's Small Batch, Booker's, The Hakushu 12-Year, The Yamazaki 12-Year Pappy Van Winkle Tasting ($375): Three 1 oz pours from the iconic collection, including 15, 20, or 23-Year Family Reserve options Reservations for whiskey tastings are limited and must be requested in advance. Hawaii Exclusive: Curated Wine Pairings Guests dining at Empire's Waikiki location will enjoy exclusive Father's Day wine pairings, hand-selected from the restaurant's award-winning cellar to complement the prix fixe menu and island setting. 'We designed this Father's Day celebration with intention-for those looking to toast with something exceptional,' said Jack Sinanaj, co-owner of Empire Steak House. 'Whether you're joining us in Midtown Manhattan or in Honolulu, we're offering a memorable experience from first sip to final bite.' About Empire Steak House Empire Steak House is a family-owned fine dining group with five locations in New York City, Honolulu, Hawaii and Tokyo-Japan. Known for its dry-aged steaks, premium wine and spirits, and high-touch service, Empire offers an elegant experience for both locals and international guests. Featured in Forbes, The New York Times, GQ Japan, and more.
Daily Express
09-05-2025
- Daily Express
Genting's RM3.1 billion bet on New York gaming may backfire
Published on: Friday, May 09, 2025 Published on: Fri, May 09, 2025 By: Lee Min Keong, FMT Text Size: Genting Malaysia has invested US$724.4 million (RM3.1 billion) in Empire Resorts Inc since 2019. (Resort World Genting pic) PETALING JAYA: Genting Malaysia Bhd (GENM) has ramped up its bet on New York's gaming sector with its proposed takeover of Genting Empire Resorts (GERL), a move that some analysts say may backfire on the group. The deal has been flagged as expensive and potentially profit-dilutive by analysts and will likely be a financial drag on the integrated gaming and resort operator. The takeover also raised eyebrows as it is a related party transaction (RPT) involving the Genting group's founding Lim family led by Lim Kok Thay, who is also GENM's deputy chairman and chief executive. According to its 2024 annual report, the 73-year-old Lim and his son, Keong Hui, 40, have a deemed interest of 49.35% in GENM as of March 17, 2025. Keong Hui is the group's deputy chief executive and executive director. GENM is acquiring the remaining 51% stake in GERL that it does not own for US$41 million (RM177 million) from the Lim family's vehicle Kien Huat Realty III Ltd. The group currently holds a 49% interest in GERL, which wholly owns Empire Resorts Inc (ERI) that has gaming properties in New York state. As part of the deal, Kien Huat Realty III will also assign a US$39.7 million (RM170 million) debt to GENM that ERI owes to it. ERI owns and operates integrated casino Resorts World Catskills and video lottery terminal Resorts World Hudson Valley, along with mobile sports betting platform Resorts World Bet. GENM's RM3.1 billion investment GENM's investments in ERI prior to the latest acquisition totalled US$724.4 million (RM3.1 billion), after it made several capital injections through common and preferred stocks in recent years. Public Investment Bank (PublicInvest) has downgraded GENM to a 'trading sell' from 'neutral' in light of the proposed acquisition. In a recent note, it said the deal was an 'unfavourable' RPT that suggests 'corporate governance remains a concern' for the group. It views the group's US$724.4 million investment in ERI as 'financial assistance' to ensure the company remains operational under a competitive business environment in the US. PublicInvest noted that ERI remains a loss-making unit since GENM's initial acquisition back in 2019. 'After more than five years, the group has failed to turnaround ERI. We view this related party transaction negatively as it is likely to drag the group further with a higher share of losses,' it said. It added that between FY2020 and FY2024, GENM recognised total associated losses of RM160-RM280 million a year, the bulk of which it attributes to ERI. Meanwhile, US research firm CreditSights said the group's takeover of GERL is 'credit negative' due to the increased debt to support ERI's weak earnings outlook, and concerns over related party transactions. CreditSights, a Fitch Solutions company, said the deal will increase GENM's debt by US$300 million (RM1.3 billion) and worsen its leverage metrics by 0.3 to 0.4 times. It also said ERI's earnings outlook remains weak, pressured by competition and losses at its two New York resorts. However, it expects ongoing support for ERI from GENM as it has invested almost US$725 million in the business and views it as key to its New York expansion, lowering the refinancing risk for its US$300 million bond due in 2026. GENM's shares closed 1 sen or 0.6% lower at RM1.73 yesterday, valuing the group at RM10.27 billion. Year to date, the counter has fallen 23%. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
BusinessToday
05-05-2025
- BusinessToday
Genting Malaysia To Acquire Remaining 51% Stake In New York Assets
Genting Malaysia Berhad has announced that its indirect wholly-owned subsidiary, Genting ER Limited, will acquire the remaining 51% equity interest in Genting Empire Resorts LLC (GERL) from Kien Huat Realty III Limited. The acquisition includes the assignment of an intercompany loan worth USD39.7 million (approximately RM171.4 million), bringing the total cash consideration to USD41.0 million (around RM177.0 million). The transaction, pending regulatory approval from the New York State Gaming Commission, is expected to be completed by the end of the second quarter of 2025. GERL is the immediate holding company of Empire Resorts Inc. (Empire), which fully owns and operates a portfolio of gaming and hospitality assets in New York, including: Resorts World Catskills (RWC), an integrated casino resort Resorts World Hudson Valley (RWHV), a video lottery terminal facility Resorts World Bet, a licensed mobile sports wagering platform Prior to the deal, GERL was jointly managed by KH and Genting ER Limited, with KH holding a 51% stake and Genting ER Limited holding 49%. With the acquisition, Empire will become an indirect wholly-owned subsidiary of GENM. Genting said the acquisition aligns with its long-term strategy to strengthen the Resorts World brand in the U.S. and enhance operational synergies between its existing New York City property and Empire's assets. The company also noted that the deal was negotiated on a willing buyer–willing seller basis, with the price falling within the market valuation range as assessed by an independent valuer. 'The transaction will enable Genting Malaysia to consolidate its U.S. gaming interests and optimise performance across its New York operations,' the company said in a statement. Related
