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.