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Resorts World Catskills Operator Sells to Genting Malaysia

Empire Resorts, which operates Resorts World Catskills (RWC) and Monticello Raceway, about 85 miles north of New York City, has agreed to a buyout by Genting Malaysia, its largest shareholder. The deal by Genting and Kien Huat, its investment arm, for all outstanding shares of Empire Resorts stock at $9.74 per share is reportedly valued at $128 million.

“With Kien Huat and Genting Malaysia, we will be part of an extensive and attractive organization with enhanced scale and global reach,” said Keith Horn, independent director of Empire Resorts. “Importantly, Kien Huat has agreed to provide incremental credit support to Empire Resorts, which will enable the company to meet its debt obligations as we continue to execute on our business strategy.”

According to published reports, RWC had lost money every quarter since its opening in February 2018. A prepackaged bankruptcy filing for the $1-billion casino was reportedly a possibility.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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