A MYR1.2 billion ($300 million) note redemption has ended Genting Malaysia Berhad’s planned capital restructuring of its U.S.-based subsidiary Empire Resorts Inc., with the parties agreeing not to proceed with the proposal after the debt was repaid in full.
In a Bursa Malaysia filing, Genting Malaysia said Empire had on July 2nd, U.S. Eastern time, redeemed the full nominal value of its MYR1.2 billion ($300 million) 7.75 percent senior notes due November 1st, 2026. With the redemption completed, the parties to the restructuring proposal agreed that the plan would not move forward.
The cancellation closes a proposal first announced on August 15th, 2025, which was intended to enhance Empire’s capital structure and financial position. At the time, Genting Malaysia said the plan was expected to leave Empire debt-free and improve its cost structure.
Under the earlier proposal, Empire was to sell its non-gaming assets, including the 332-room Resorts World Catskills hotel, the 99-room Alder Hotel, the 18-hole Monster Golf Course, the 2,500-seat Resorts World Catskills Epicenter and several restaurants, to the Sullivan County Resort Facilities Local Development Corporation for MYR2.2 billion ($525.0 million) in cash.
Empire also planned to purchase 1,554.6 acres of land parcels from EPR Properties for MYR848.1 million ($201.3 million), funded by proceeds from the disposal. Part of the same proceeds was to be used to redeem the MYR1.3 billion ($300 million) Empire Bond, according to the August filing.
The proposal also included a land lease with the Sullivan County entity through February 15th, 2066, and a 20-year management agreement for Empire to manage the non-gaming assets, with automatic renewal for two successive five-year periods.
Genting Malaysia had said the structure would allow Empire to own the land underlying Resorts World Catskills’ gaming and non-gaming assets, as well as vacant land with development potential. It also expected the disposal to generate surplus cash of about MYR42.1 million ($10 million) for general working capital.
With the notes now redeemed separately, Genting Malaysia said the restructuring will no longer proceed.
