Key Highlights
- Genting Malaysia terminates restructuring proposal for Empire Resorts subsidiary.
- Empire Resorts completed full repayment of $300 million in senior secured notes on July 2.
- Proposed $525 million non-gaming asset sale at Resorts World Catskills has been cancelled.
- Genting Malaysia acquired complete control of Empire Resorts in June 2025.
- The company reported a net loss of MYR25.2 million during Q1 2026.
Genting Malaysia has officially terminated the recapitalisation proposal for Empire Resorts, marking a significant shift in strategy for its U.S. subsidiary.
The decision follows Empire Resorts’ successful settlement of substantial debt obligations that formed the foundation of the restructuring initiative.
According to a regulatory filing submitted to Bursa Malaysia on Friday, Empire Resorts successfully redeemed all outstanding $300 million senior secured notes. These instruments carried a 7.75% interest rate and had a maturity date of November 1, 2026.
The full redemption took place on July 2.
Empire Resorts maintains operations across three distinct ventures in New York. The portfolio includes Resorts World Catskills, an upstate casino facility, Resorts World Hudson featuring video lottery terminals, and Resorts World Bet, a mobile sports wagering platform.
Bond Repayment Triggers Strategic Reversal
The restructuring initiative was initially unveiled in August of the previous year. The strategy focused on generating capital through selective asset divestment.
A key component involved the proposed $525 million divestiture of non-gaming properties at Resorts World Catskills. Sullivan County Resort Facilities Local Development Corp. had been designated as the prospective purchaser.
The anticipated proceeds from this transaction were earmarked primarily for retiring the $300 million note obligation, alongside other financial objectives.
With the debt now settled through alternative means, Genting Malaysia has confirmed the asset divestiture will be abandoned.
United States Operations Continue to Expand
Empire Resorts represents a cornerstone of Genting Malaysia’s American market expansion strategy.
In June 2025, Genting Malaysia completed the acquisition of all outstanding Empire Resorts shares it had not previously controlled. This transaction secured complete ownership of the entire New York business portfolio.
The abandonment of the recapitalisation scheme follows the conclusion of this acquisition.
Genting Malaysia’s New York footprint reaches beyond Empire Resorts alone. Last December, a subsidiary entity known as Genting New York LLC secured a comprehensive casino license for downstate New York operations.
Genting Malaysia has pledged a $5.5 billion capital commitment extending through 2030 in connection with obtaining that license.
Recent financial performance reveals challenges for the organization. Genting Malaysia recorded a net loss totaling MYR25.2 million, approximately $6.2 million, during the initial quarter of 2026.
This represents a reversal from the MYR51.9 million net profit achieved during the corresponding period in the prior year.
Consolidated revenue demonstrated growth during the quarter, advancing 10.5% to reach MYR2.87 billion. The figures indicate top-line expansion despite the shift from profitability to loss.
The termination of the Empire Resorts recapitalisation proposal eliminates one element from Genting Malaysia’s complex financial agenda. The organization continues to manage casino facilities, video lottery operations, and sports betting services throughout its New York holdings.
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