for the first time in 2019<\/a>. At that time, the casino operator acquired 13.2 million shares. The US-based company operates several gaming businesses, including a mobile sports betting operation in New York state.<\/p>\n\n\n\nThe proceeds from the “Series M” subscription will be used by Empire for working capital purposes and to fully repay an existing bank facility of approximately US$58m held by Empire’s holding company, Genting Empire Resorts (GERL), Genting Malaysia said. <\/p>\n\n\n\n
Genting Malaysia further stated: “The proposed equity injection will enable Empire to further optimise its capital structure by reducing financial leverage and correspondingly interest expense at Empire and\/or GERL. <\/p>\n\n\n\n
“The proposed equity Injection will also allow Genting Malaysia to reinforce its position and grow its market presence in the expanding New York State gaming market to compete effectively in the northeastern US region.”\u00a0<\/p>\n\n\n\n
Following the latest equity injection, Genting Malaysia’s effective shareholding in Empire “will rise to 90 per cent from 76 per cent and bring its total investment in Empire to US$724.4m”. <\/p>\n\n\n\n
Fitch expects Malaysia gaming market to grow by 9% in 2024<\/h2>\n\n\n\n
In its Global Gaming Outlook 2024<\/strong> report, Fitch<\/strong> says it expects Malaysian gaming revenue to grow by 9 per cent in 2024. However, the rating agency considers that the recovery in Malaysia will \u201ccontinue to lag.\u201d<\/p>\n\n\n\n\u201cRevenue remains well below pre-pandemic levels, mainly due to weather-related events since 2022,\u201d said the report. Malaysia, home to Genting Malaysia\u2019s flagship Resorts World Genting, will see a \u201csteady increase in domestic traffic and foreign tourists\u201d supported by the expected repair of an access road by first-half 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
With this investment, Genting Malaysia boosted its ownership stake in the U.S.-based casino operator to 90 per cent.<\/p>\n","protected":false},"author":176,"featured_media":18062,"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 is injecting US$100m into Empire Resorts via Series M preferred stock, increasing its effective shareholding to 90%. This strategic investment aims to optimize Empire's capital structure, reduce financial leverage, and strengthen Genting Malaysia's competitive position in the expanding New York State gaming market. Concurrently, Fitch projects a 9% growth for the Malaysian gaming market in 2024, though recovery remains below pre-pandemic levels.","focusai_entities":"Genting Malaysia, Empire Resorts, Genting Empire Resorts (GERL), Fitch","focusai_location":"Malaysia, United States, New York","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"NY Market Impact?","query":"How will Genting Malaysia's increased stake in Empire Resorts specifically alter the competitive dynamics and market share in the New York State mobile sports betting and casino verticals?"},{"label":"Capital Structure Benefits?","query":"What are the projected financial leverage ratios and interest expense savings for Empire Resorts and GERL following this Series M preferred stock conversion and debt repayment?"}],"footnotes":""},"categories":[157,16333],"tags":[19394],"class_list":["post-777012352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-genting-malaysia"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012352","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777012352"}],"version-history":[{"count":1,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012352\/revisions"}],"predecessor-version":[{"id":777012353,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012352\/revisions\/777012353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18062"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777012352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777012352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777012352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}