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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
- ◦Sale/Acquisition

