Genting Malaysia Takes Complete Control of Empire Resorts

Genting Malaysia Berhad has bought the remaining 51% stake in Empire Resorts Inc., giving the casino operator full ownership of the struggling US company. The deal, which closed on May 31, 2025, was revealed in a report filed with Bursa Malaysia this week.

Full Empire Acquisition Sees Genting Malaysia Shoulder $40M in Legacy Debt

The agreement, worth about $41 million, also includes the shift of $40 million in outstanding debt from Empire Resorts’ former owner, Kien Huat Realty III, a private investment group under the Lim family’s control, which also runs the Genting Group. This means Genting Malaysia now holds the debt.

Empire Resorts manages three gaming and betting properties in New York State: Resorts World Catskills, Resorts World Hudson Valley, and the mobile betting app Resorts World Bet. Resorts World Catskills, the main location, sits 90 miles north of New York City.

Genting Malaysia used to own 49% of Empire’s common stock, but it already had a 90% stake in the company’s financial outcomes because of its preferred equity holdings. This new deal gives it complete economic control, as reported by Inside Asian Gaming.

This buyout has worried investors and analysts. The brokerage firm Nomura doubts if this was a smart financial move. They point out that Empire has not made a profit since Genting Malaysia first invested in 2019. In the last six years, Genting has put over $700 million into Empire, but there is no sign that things are getting better. Experts think that now Genting Malaysia has full control, it is more at risk from Empire’s losses. They might have to keep giving money to support this struggling business.

Empire Buyout Adds Pressure to Genting Malaysia’s Finances, Say Analysts

Credit agencies share these worries, calling the deal bad for credit because Empire keeps up with its weak performance and it might hurt Genting Malaysia’s finances. People also see this as a deal between related parties, which could make investors even more nervous.

This news comes as Genting Malaysia faces bigger financial troubles. Its latest quarterly report shows the company’s overall revenue fell 6% from last year to MYR2.6 billion ($613 million). Money coming in from its main venue in Malaysia, Resorts World Genting, dropped by 7% because fewer high-roller customers showed up.

Genting Malaysia plans to get a full casino license in New York City later this year. Buying Empire Resorts might be part of a big plan to grow in the US. However, right now, people who monitor the market are careful about the risks.