{"id":692,"date":"2019-11-06T15:39:03","date_gmt":"2019-11-06T15:39:03","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=692"},"modified":"2026-04-24T10:08:49","modified_gmt":"2026-04-24T13:08:49","slug":"genting-malaysia-acquires-empire-resorts-shares-in-the-usa","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-malaysia-acquires-empire-resorts-shares-in-the-usa","title":{"rendered":"Genting Malaysia acquires Empire Resorts shares in the USA"},"content":{"rendered":"\n

Genting Malaysia has officially initiated its bid to acquire Empire Resorts from Kien Huat. <\/p>\n\n\n\n\n\n\n\n

US.- Genting Malaysia<\/strong><\/em> Casino and resorts operator said its US unit bought 13.2 million shares in Empire Resorts Inc from its largest shareholder, Kien Huat. <\/p>\n\n\n\n

Earlier in August, the \u20ac115,3 million purchase was the first step towards a meticulous takeover plan with GenUSA and Kien Huat now jointly acquiring Empire Resorts.<\/p>\n\n\n\n

Genting said the Empire shares were bought at \u20ac8,73 a share. Back in August, Genting proposed to acquire and privatize Empire offering to pay the same amount for a 46% stake.<\/p>\n\n\n\n

“Following the proposed acquisition, GenUSA now holds a 38.3% equity stake in Empire on an undiluted basis and also a 33.3% on a fully diluted basis assuming full conversion of all preferred stock\u201d. <\/p>\n\n\n\n

Furthermore, Empire Resorts owns and operates Resorts World Catskills a casino complex in upstate New York opened in 2018.<\/p>\n\n\n\n

Genting Malaysia will together with Kien Huat submit a preliminary non-binding proposal to Empire to acquire; by merger the outstanding shares held by shareholders of Empire unaffiliated with Kien Huat. Similarly, the deal would potentially lead to the privatisation of Nasdaq-listed Empire via a joint venture between the two operators. <\/p>\n\n\n\n

The purchase of shares comes\ndespite a lawsuit against Empire, Genting Malaysia and Kien Huat claiming they\nare steering the company towards privatization against the interests of other\nshareholders.<\/p>\n\n\n\n

Worth noting that Empire Resorts has been loss making for several years. In 2018, the company posted a net loss of nearly \u20ac124,4 million.<\/p>\n\n\n\n

Lastly, Genting Malaysia described its decision to invest in Empire Resorts,<\/a><\/strong><\/em> as an opportunity to better position the Resorts World brand in the region through cross-marketing with Resorts World Casino NYC, reduce costs and utilize its own IR experience to help improve the performance of Resorts World Catskills.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Malaysia has officially initiated its bid to acquire Empire Resorts from Kien Huat.<\/p>\n","protected":false},"author":133,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Malaysia, through its US unit GenUSA, has increased its equity stake in Empire Resorts, initiating a joint bid with Kien Huat to privatize the Nasdaq-listed entity. This strategic move, despite a pending lawsuit, aims to leverage cross-marketing opportunities with Resorts World Casino NYC, reduce operational costs, and enhance the performance of the loss-making Resorts World Catskills.","focusai_entities":"Genting Malaysia, Empire Resorts, Kien Huat, GenUSA, Resorts World Catskills, Resorts World Casino NYC","focusai_location":"US, New York","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.9), operator_casino (0.9), marketing_crm (0.7), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Empire Resorts Valuation?","query":"What is the implied valuation of Empire Resorts in this privatization bid, particularly given its sustained loss-making status and the ongoing shareholder lawsuit, and how does this align with typical capital markets metrics for gaming verticals?"},{"label":"Regulatory Approval Impact?","query":"What are the specific regulatory hurdles and B2B\/B2C licensing implications for Genting Malaysia and Kien Huat in New York, considering the change of control and privatization of Empire Resorts under existing governance frameworks?"}],"footnotes":""},"categories":[28,162,16333],"tags":[29,1076,226,291],"class_list":["post-692","post","type-post","status-publish","format-standard","hentry","category-casino-news","category-north-america","category-south-east-asia-news","tag-casino","tag-genting","tag-malaysia","tag-shares"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=692"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/692\/revisions"}],"predecessor-version":[{"id":777009476,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/692\/revisions\/777009476"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}