Genting Malaysia injects $150m into indebted US unit Empire

Genting's Resorts World in Birmingham. Photo: Genting

Casino operator Genting Malaysia Bhd is injecting another $150 million cash into its indebted U.S.-based unit Empire Resorts Inc, it said on Tuesday, as it seeks to help it recover from the impact of the pandemic.

The sum takes the total amount Genting has invested in Empire to $524.4 million, the company said, including $150 million agreed in September last year.

In a stock exchange filing on Tuesday, it said it had agreed another cash injection through a deal to subscribe up to $150 million additional Series L preferred stock funded in part by proceeds from its $1 billion bond issuance completed on April 20.

It said the money would help Empire, an indirect wholly-owned unit, as it repays debts of $365 million and financing-related expenses and seeks to grow in the New York gaming market.

The pandemic disrupted Empire’s operations and impacted its long-term financing plan in the last financial year.

Empire’s business resumed in September 2020 and since April has rebounded, Genting said, “with strong records of gross gaming revenues close to and exceeding pre-pandemic levels for some months.”

It did not give detailed figures.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.