Genting Malaysia Bhd, a land-based casino operator, has agreed to purchase Series M preferred shares of Empire Resorts, a US gambling house, for a total of $100 million. These bonds have the potential to be converted into 100 million shares of Empire common stock by the conclusion of 2038.
In 2019, Empire Resorts formed a partnership with Genting Malaysia and entities owned by the Lim family, Genting's controlling Malaysian dynasty. The management of the Malaysian entity stated that the proceeds from the preferred shares would be utilized to settle Empire's $58 million debt.
Genting Malaysia emphasized that this capital injection will empower Empire to optimize its financial position and manage costs more effectively.
