Genting Malaysia said via a Tuesday filing that it has now completed the acquisition of the 51% interest in New York entity Empire Resorts Limited that it didn’t already own from the family trust of Genting Group patriarch Lim Kok Thay.
The transaction, valued at US$41 million plus added debt, essentially sees Genting Malaysia boost its economic interest from 90% to 100%, because although it only held 49% of common stock it had equity accounting for 90% of Empire’s losses because it also owns Empire convertible preferred stock.
Empire’s assets include Resorts World Catskills, located 90 miles north of New York City, Resorts World Hudson Valley and mobile sports wagering operator Resorts World Bet.
