Genting Malaysia, the massive global leisure and hospitality company, has agreed to invest another 20 million dollars into Empire Resorts, its New York-based gambling operator.
This new injection of funds will see Genting Malaysia claim a majority share in the New York-based casino firm. Empire Resorts currently operates two properties in the state of New York: Resorts World Catskills and horse racing facility Monticello Raceway.
The cash injection was badly needed by Empire Resorts as the company’s equity suffered due to the effects of the novel coronavirus pandemic. The company’s venues in New York had to be closed between March and September 2020.
Before the investment of 20 million dollars, Genting Malaysia held a 49% stake in Empire Resorts, while the remaining 51% were held by Kien Huat Realty III Limited, a private investment company owned by Lim Kok Thay, the Chairman and Chief Executive Officer of Genting Group.
This was not the first time the Malaysian company injected funds into their United States subsidiary. Genting Malaysia took over Empire Resorts in 2019 and then injected 40 million dollars into it in March 2020 and then another 150 million dollars in September.