KUALA LUMPUR, Oct 12 (Reuters) – Casino operator Genting Malaysia Bhd is injecting another $150 million cash into its indebted U.S.-based unit Empire Resorts Inc, it said on Tuesday, as it seeks to help it recover from the impact of the pandemic.
The sum takes the total amount Genting has invested in Empire to $524.4 million, the company said, including $150 million agreed in September last year here.
In a stock exchange filing on Tuesday, it said it had agreed another cash injection through a deal to subscribe up to $150 million additional Series L preferred stock funded in part by proceeds from its $1 billion bond issuance completed on April 20.
It said the money would help Empire, an indirect wholly-owned unit, as it repays debts of $365 million and financing-related expenses and seeks to grow in the New York gaming market.
The pandemic disrupted Empire’s operations and impacted its long-term financing plan in the last financial year.
Empire’s business resumed in September 2020 and since April has rebounded, Genting said, “with strong records of gross gaming revenues close to and exceeding pre-pandemic levels for some months.”
It did not give detailed figures. (Reporting by Liz Lee; editing by Barbara Lewis)