TOWN OF THOMPSON – Resorts World Catskills is one of four commercial casinos in New York authorized to offer retail sports betting if and when it is approved in Albany and bet365 Group Limited and Empire Resorts, the casino’s parent company have formed a strategic alliance for when that day comes.
Empire Resorts and an affiliate of bet365 entered into a 20-year agreement to offer retail sports betting, an online sportsbook and online gaming at the casino if and when allowed by state law.
The agreement allows both companies to share profits 50/50 after bet365 recoups its start-up and other costs.
`The bet365 affiliate will also acquire up to $50 million of Empire’s common stock at $20 per share making it Empire’s second largest stockholder. Empire’s largest stockholder, Kien Huat Realty III, Ltd. of Malaysia, has committed to purchase up to $126 million of convertible preferred stock, with a conversion price of $20 per share.
Empire officials said the investment by bet365 and the commitment by Kien Huat strengthens its financial position and underscores Kien Huat’s view of the potential for value creation in Resorts World Catskills, company officials said.
“Joining forces with bet365 positions Empire and our flagship Resorts World Catskills to lead a potentially enormous new market,” said Manny Pearlman, executive chairman of Empire Resorts.
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