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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