Fitch Ratings upgrades Empire Resorts IDR to B+

Fitch Ratings has upgraded the Issuer Default Rating (IDR) of U.S. casino operator Empire Resorts to B+, reflecting an improved stand-alone credit profile due to a just-announced recapitalization. 

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 company is also 49 percent owned by Genting Malaysia, which on Monday announced another injection of $150 million to the Empire.

It follows similar capital injection moves in March 2020 of $40 million, September 2020 of $150 million, and March 2021 of another $20 million. 

Empire also announced a recapitalization that includes an expected $300 million of senior secured notes, a new $75 million HoldCo loan on top of the equity investment from Genting Malaysia. 

Felix is the Asia Editor and Events Director of the Asia Gaming Brief. He has over a decade of experience developing conferences for industries including gaming, telecoms, investment, biotechnology, and mining. He has developed some of the most well-known conferences for the Asian gaming industry, most recently being the ASEAN Gaming Summit, the Australasian Gaming Seminars, and the Mekong Gaming Summit. Felix covers gaming technology and innovation and is passionate about developing engaging and eye-catching content for the industry.