Fitch Ratings assigns final B+ IDR to Empire Resorts

Resorts World Catskills
Resorts World Catskills

Fitch Ratings has assigned Empire Resorts, a company 49 percent owned by Genting Malaysia Bhd, a final “B+” long-term issuer default rating following the completion of a recapitalization that included $300 million of senior secured notes, a new $75 million HoldCo loan, and a $150 million preferred equity investment by GENM.

Empire Resorts owns and operates Resorts World Catskills, a casino resort which is located in Sullivan County, New York, approximately 90 miles from New York City, as well as the Monticello Raceway, a horse racing facility located in Monticello, New York.

“The Stable Outlook reflects the property’s recent healthy operating performance and regional gaming’s broader solid recovery,” said Fitch in a press release on Friday. 

Fitch said it had also assigned a BB+/RR1 rating to Empire Resorts’ senior secured notes.