KUALA LUMPUR, Oct 12 (Businesshala) – Casino operator Genting Malaysia Bhd is injecting another $150 million in cash into its debt-ridden US-based entity Empire Resorts Inc, it said on Tuesday, as it seeks to help it recover from the impact of the pandemic. Is.
The company said Genting has invested a total of $524.4 million in Empire, including the $150 million agreed in September last year.
In a stock exchange filing on Tuesday, it said it had agreed to another cash injection through a deal to subscribe to an additional $150 million of Series L preferred stock, with $1 billion to be completed on April 20. is funded by proceeds from the issuance of bonds.
It said the money will help Empire, an indirect wholly owned entity, as it pays off $365 million of debt and financing-related expenses and attempts to grow in the New York gaming market.
The pandemic disrupted Empire’s operations and affected its long-term financing plan in the last fiscal year.
Empire’s business resumed in September 2020 and has resumed since April, Genting said, “with a strong record of gross gaming revenue near and above pre-pandemic levels for a few months. “
It did not provide detailed figures. (Reporting by Liz Lee; Editing by Barbara Lewis)