In an unexpected move, the leading entertainment and hospitality company announced, Genting Malaysia Berhad (GENM), announced its plans to Pumping about $100 million inside Empire Resorts, one of its US-facing subsidiaries. Details regarding the newly proposed investment appeared on Wednesday, January 10, 2024, in a filing with Malaysia Stock Exchange By the company.
Announcing the proposed $100 million investment, Genting Malaysia confirmed that it would be completed through its indirectly wholly owned subsidiary, Genting ER II LLC. The company confirmed this You have entered into a subscription agreement To subscribe for up to $100 million of Series M of Empire preferred stock.
Additional details published by Genting Malaysia reveal that some 42 million dollars The investment will be used as working capital. On the other hand, some 58 million dollars It will be used to repay existing bank facilities in full.
Genting Malaysia continues to grow its investment in Empire Resorts. With the first such investment dating back to August 2019, the total Exceeds $700 million.
“The Board of Directors would like to announce that GENM’s wholly-owned indirect subsidiary, Genting ER II LLC (“GER II”), a Delaware corporation, has on January 10, 2024 (US Eastern date/time) entered into a Subscription Agreement to subscribe to Up to $100 million (or approximately RM465 million) of Empire Series M Preferred Shares (“Series M”),“
He reads a filing with the Bursa Malaysia Securities
Proposed equity infusion to drive company growth and expansion
Currently, the Empire is in charge of operation Mobile sports betting in new york After entering the market again in March 2022. In addition, the company is operating Hudson Valley Resorts World Beside Resorts World Catskillstwo casino and entertainment locations.
According to Genting Malaysia, the proposed equity infusion will be Helping Empire “optimize its capital structure by reducing leverage and corresponding interest expenses In Empire and/or GERL.” Furthermore, this investment will enable the company to strengthen its operations in Resorts World Catskills while positively impacting Resorts World Hudson Valley as well.
Ultimately, the proposed equity infusion is expected to do just that Enhancing Jantine Malaysia’s growing presence Within the gambling sector and allowing this Continue expanding In strategic markets such as New York and across the Northeastern United States.