Genting Malaysia Drops Empire Resorts Recapitalisation Plan After Note Repayment

The recapitalisation plan of Genting Malaysia Bhd for its wholly owned subsidiary company based in the United States, Empire Resorts Inc., has been put on hold following repayment of the debt used to base the capital restructuring. This comes following redemption of the senior secured notes worth US$300 million belonging to Empire Resorts Inc.

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Debt Repayment Ends Restructuring Plan

In a filing with Bursa Malaysia on Friday, Genting Malaysia said Empire Resorts had redeemed the full principal amount of its US$300 million 7.75% senior secured notes due on November 1, 2026. The redemption was completed on July 2.

Empire Resorts owns 3 businesses in New York state: the upstate casino complex Resorts World Catskills, Resorts World Hudson, which offers video lottery terminals, and the mobile sports betting operation Resorts World Bet. The note repayment affects a business group that includes both land-based and digital gambling operations in the state.

The repayment also removed the debt that had underpinned the capital-enhancement proposal first announced by Genting Malaysia in August last year. The earlier plan included a proposed US$525.0 million disposal of Empire Resorts’ non-gaming assets at Resorts World Catskills to Sullivan County Resort Facilities Local Development Corp.

Sale proceeds from that transaction were intended to help fund the redemption of Empire Resorts’ US$300 million senior secured notes, among other purposes. With that debt now repaid, the company said the proposal will not proceed.

New York Portfolio Remains In Focus

Empire Resorts has been a key part of Genting Malaysia’s U.S. expansion. In June 2025, Genting Malaysia said it had completed the acquisition of the stake in Empire Resorts that it did not already control.

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That move gave Genting Malaysia full ownership of the subsidiary, which operates across 3 different businesses in New York. The latest decision to abandon the recapitalisation plan comes after the ownership consolidation, showing how the group’s U.S. assets continue to be reshaped.

Separately, in December last year, Genting New York LLC, another unit of Genting Malaysia, was awarded a full casino license for downstate New York. The group has pledged a US$5.5 billion investment through to 2030 in order to secure the license.

Financial Background

The most recent filing from Genting Malaysia is coming in the wake of tough conditions faced by the business in the year just beginning. According to the firm, it incurred a net loss of MYR25.2 million or US$6.2 million in the first 3 months of 2026, from a net profit of MYR51.9 million recorded in the corresponding period last year.

This net loss was realized despite a 10.5% rise in group revenue from year-end levels to MYR2.87 billion. The figures suggest that while revenue improved, profitability remained under pressure in the quarter.

The latest development on Empire Resorts removes one major restructuring issue from Genting Malaysia’s list of priorities. Even so, the group still has significant investments and operations tied to New York, where its portfolio includes casino, video lottery, and sports betting assets.

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Source: GGR Asia