Genting’s gaming magnate KT Lim is interested in bidding to take Empire Resorts into private ownership.
US.- Kien Huat, the family trust controlled by Genting Chairman KT Lim, has announced that it filed paperwork as part of the company’s intent to acquire the remaining unaffiliated shares of Empire Resorts, the parent company of Resorts World Catskills.
Lim currently owns 86% of Empire Resorts. He intends to start discussions with potential financing sources to acquire all of the outstanding shares of the company. The aim is to protect the thousands of union jobs that the company has created at the facility and meet the economic challenges that have emerged.
“Today’s announcement reaffirms Mr Lim’s strong commitment to Resorts World Catskills. We strongly believe that taking the company private will result in greater efficiencies and a bright future for Resorts World Catskills, and Sullivan and Orange Counties,” said Stefan Friedman, Spokesperson for Genting Chairman KT Lim.
In addition to protecting the 1,600 jobs currently at Resorts World Catskills, Sullivan County’s largest employer, KT Lim and Kien Huat plan to potentially expand operations into Orange County, creating an additional 300 jobs.
“This is a natural next step for Mr Lim to take on a larger role in leading Resorts World Catskills as it enters this next chapter. Mr Lim strongly believes in the long-term potential of Resorts Word Casino Catskills,” said Friedman.
New York casinos cut number of slot machines
Earlier this year, Resorts World Catskills and Tioga Downs reached an agreement with the New York Gaming Commission to reduce the number of slot machines that they feature in their upstate facilities.
The gaming commission approved in March the request made by the two casinos as they have struggled to meet revenue projections in their first year of operations. Resorts World Catskills decided to cut the number of its slot machines to have 550 fewer.
The commission said that allowing them to remove slot machines would let them “maximise the efficiency of asset utilisation and patron opportunity without negative effects on the patron experience, facility employment or state revenue.”
In order to open their facilities, Resorts World was required to have at least 2,150 slot machines. The agreement sets that it only needs 1,600 slot machines or 26% fewer than initially established.