Genting Malaysia is planning to inject some $100 million in equity into Empire Resorts, as the group continues its push for a New York gaming license.
The move involves a subscription of some $100 million in Series M Preferred shares from its subsidiary in Delaware – Genting ER II LLC.
The funds are set to be ‘utilized by Empire for working capital purposes’ and to repay a $58 million bank facility held by Genting Empire Resorts, its holding company.
The Delaware-based company operates the group’s Resorts World Catskills and Resorts World Hudson Valley properties, as well as its mobile sports betting operation in New York.
The move comes amongst Genting’s bid for one of the three licenses up for grabs in New York, vying against operators such as Las Vegas Sands, MGM, Caesars and Wynn.
Genting has been deemed a ‘shoe-in’ for the New York bid, as it forked out millions in lobbying for the expansion of its Resorts World facility operated out of the Aqueduct Race Track in Queens.
MGM Resorts has also been listed as a frontrunner.
Upon opening, each operator could stand to make as much as $2 billion in annual revenue, and $600 million in operating profit, according to analysts.
