Resorts World Catskills
Genting Malaysia said it has acquired 13.2 million shares in Empire Resorts and it owns approximately 38.3 percent of the company.
The Malaysian operator said it paid $9.74 per share for the stake. On a fully diluted basis it owns just over 33 percent of the company that operates the Resorts World Catskills property in New York State.
Genting announced it was planning to buy the stake from Kien Huat Realty in August. It then planned a separate offer to shareholders to take the company private.
Analysts have said the acquisition of lossmaking Empire may drag on Genting’s earnings.
The Malaysian government is unlikely to further hike casino taxes, as they are already among the highest in the region and the country's only operator, Genting Malaysia, is suffering from the impact of Covid-19, RHB says.
Ratings agency Standard & Poor’s has reaffirmed Genting Malaysia’s BBB rating, but says the outlook is “negative” due to a slower-than-expected recovery in Singapore.
Genting Malaysia said it’s seeking to boost domestic demand and visitation at its flagship property in the country, but the overall outlook for the group remains “uncertain.”
The “worst” of the crisis may be over for Resorts World Genting, with a significant improvement in visitation since it reopened three months ago, RHB Research said in a note.
Genting Malaysia is injecting US$150 million in cash into its loss-making US unit Empire Resorts, its gaming facilities temporarily closed in March as a result of the Covid-19 pandemic. This follows a similar cash injection of US$40 million into the unit in March. Empire Resorts owns and operates Resorts World Catskills, a casino resort which […]
Casinos in New York State, including Genting Group’s Resorts World Catskills, will be permitted to open from next Wednesday, though will face strict reopening restrictions.
Genting Malaysia’s gaming revenue recovery will take longer than expected, due to the continued impact of the coronavirus, according to analysts from Maybank Investment Bank. “Resorts World Genting has reopened and GENM’s other casinos will reopen soon, in our view. To be sure, we now believe that the recovery in gaming revenues will be a […]
Nine listed gaming operators in the Asia Pacific region are likely to see a plunge of about 70 percent in EBITDA this year, but all should have sufficient cash to cover basic needs for the next year, Moody’s Investors Service said.
Social distancing measures will cap capacity at Genting Malaysia and it may take two to three years before visitation levels get back to 2019 levels, Affin Hwang Capital Research said in a note, cited by The Edge.
Genting Malaysia Bhd has announced the reopening of its Resorts World Kijal in Terengganu and Resorts World Langkawi in Kedah on Thursday, June 18. However, Resorts World Genting and Resorts World Awana will remain closed until further notice, said the operator in a message on its website. Genting Malaysia’s properties have been closed as part […]