KIAMESHA LAKE – Genting Malaysia announced that it will inject up to $20 million into its US-based Empire Resorts, operator of Resorts World Catskills.
According to “The Edge Markets,” the equity injection will be executed by GenM’s wholly-owned unit Genting ER II LLC by subscribing for up to 200 Series L Preferred Stock.
GenM said the proceeds from the Series L will be used by Empire for working capital and to conclude Empire’s short-term refinancing plan.
In March of last year, the group had infused $40 million into Empire Resorts and another $150 million in September, through the subscription of preferred stock in the latter, the publication reported.
GenM currently holds 49 percent of Empire Resorts via Genting ER II.
The Edge reported the proceeds from the equity infusion will be used to close Empire’s short-term refinancing plan for its debts totaling $350 million.
In addition to Resorts World Catskills, Empire Resorts owns the nearby Monticello Raceway harness horse-racing track.
It also hopes to develop a video gaming casino at the Newburgh Mall shopping center in the Town of Newburgh.
