Genting Malaysia finalises Empire Resorts deal, assumes full ownership
Genting Malaysia Berhad has completed its acquisition of the remaining 51% stake in US-based Empire Resorts Inc., making it the sole owner of the struggling 바카라 and betting operator. The deal, worth US$41 million in cash, closed on 31 May 2025 and was confirmed in a filing with Bursa Malaysia.
The 51% stake was previously held by Kien Huat Realty III, a private investment firm linked to Malaysia’s Lim family, which also controls Genting Malaysia and its parent company, Genting Berhad. As part of the agreement, a US$40 million debt owed by Empire Resorts to Kien Huat will now be owed to Genting Malaysia.
Empire Resorts’ losses now fully Genting’s responsibility
Empire Resorts runs three gambling businesses in New York: the Resorts World Catskills 바카라, Resorts World Hudson Valley (a venue with video lottery terminals), and the online sports betting platform Resorts World Bet. The Catskills property is located about 90 miles from New York City.
Before this, Genting Malaysia owned 49% of Empire’s common shares but was already bearing 90% of its financial losses due to its preferred equity holdings. Now, it owns 100% of the company.
This development has raised concerns among credit rating agencies and investment analysts. Moody’s described the move as “credit negative,” citing Empire’s ongoing losses and the potential need for further financial support. Since in 2019, it has already provided over $750 million in support. Empire reported a net loss of US$59 million in 2024.
Brokerage firm Nomura also questioned the logic of the deal, noting that the business has shown no signs of recovery in six years. Analysts warned that Genting Malaysia could now be exposed to even greater losses and might need to continue funding the underperforming business.
CreditSights kept a positive rating on Genting Malaysia but warned that the deal could add to the company’s debt and cause concern because it involves related parties.
Broader financial challenges for Genting
This acquisition comes amid wider financial pressures for Genting Malaysia. The company recently reported a 6% year-on-year drop in group-wide revenue to MYR2.6 billion (US$613 million) for the first quarter of 2025. Revenue at its flagship property, Resorts World Genting in Malaysia, also fell by 7%, largely due to reduced activity among premium players.
Despite current setbacks, Genting Malaysia is aiming for long-term growth in the US and is expected to seek a full 바카라 licence in New York City later this year. However, market observers remain cautious given Empire’s continued poor performance and the financial risks now fully absorbed by Genting.
