Genting Malaysia has announced plans to sell off a raft of non-gaming assets associated with its Resorts World Catskills (RWC) integrated resort in New York state, and subsequently purchase the land upon which those facilities sit, in a move designed to clear debt and reduce expenses held by its wholly-owned subsidiary Empire Resorts.
In a filing, the Malaysian gaming giant outlined details of the proposal by Empire to sell the 332-room RWC hotel, 99-room Alder Hotel, 18-hole Monster Golf Course, 2,500-seat RWC Epicenter and multiple restaurants to Sullivan County Resort Facilities Local Development Corporation (SCRFLDC) for a cash consideration of US$525 million.
It would then purchase 1,554.6 acres of land parcels – including those associated with RWC – from real estate investment trust EPR Properties for US$201.3 million and enter into a 20-year management agreement with SCRFLDC to manage all of the non-gaming assets.
