Genting Malaysia’s loss-making US unit sells assets for RM2.2bil
Genting Malaysia Bhd’s (GENM) loss-making US subsidiary Empire Resorts Inc (ERI) is disposing its non-casino properties in New York state for US$525 million (RM2.2 billion) to eliminate its debt, and purchase land.
GENM said the proposal will “deliver long-term strategic and financial benefits” to ERI as the sale proceeds enables it to fully redeem its US$300 million (RM1.3 billion) bond due in November 2026.
This will make ERI – which has been recording losses for over two decades – debt-free.
“The proposal will reinforce GENM’s long-term commitment to improve its competitive position within the New York state gaming market and the broader northeastern US region,” it said in a filing with Bursa Malaysia today.
GENM said the restructuring will lower financing costs, boost ERI’s assets and add RM42.1 million in…
