Genting Malaysia (GENM) has revealed plans to invest an additional $100 million in its US-focused subsidiary, Genting Empire Resorts. This capital injection will be financed through a ‘Series M’ subscription agreement, with Genting Empire Resorts agreeing to subscribe for up to $100m worth of Series M preferred stock.

The funds raised from this subscription will be utilized for working capital purposes as well as to pay off an existing bank facility of around $58m. The Series M stock can be converted on or after December 31, 2030, and will mature on December 31, 2038.

Empire Resorts, the subsidiary of Genting Malaysia, owns the Resorts World Catskills casino and Resorts World Hudson Valley gaming facility, both located in New York. It has been providing mobile sports wagering in the state since March 2022. Meanwhile, Resorts World Las Vegas is operated by a separate arm of the Genting Group.

According to GENM, the proposed equity injection will help Empire Resorts optimize its capital structure, reduce financial leverage, and lower interest expenses. It will also facilitate a quicker ramp-up for Resorts World Hudson Valley and enable a focus on strengthening Resorts World Catskills’ operating performance.

Additionally, the equity injection will allow GENM to reinforce its market presence in the expanding New York State gaming market and compete effectively in the north-eastern US region. Resorts World Catskills will continue to benefit from operating synergies with Resorts World New York City.

In parallel with this proposal, Resorts World Genting in Asia has undergone a multibillion-dollar makeover. This massive facility spans an area of 1.2 million square meters, with gaming being a significant component. SkyCasino, a key feature opened in 2017, boasts 70% of the resort’s 600 gaming tables, 2,000 slots, and 1,300 electronic gaming terminals.

Baccarat, roulette, and sic bo are among the top games offered at SkyCasino, with betting on totals and combinations from three dice. This development was covered in an in-depth article on iGB by Muhammad Cohen, the editor at large of iGB Asia.

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