Genting Malaysia injecting $150 million into U.S.-based Empire Resorts

© Reuters. A Genting signage is pictured at the soon to be opened hotel close to Malaysia’s border in Singapore

KUALA LUMPUR (Reuters) – Casino operator Genting Malaysia Bhd (KL:) is injecting $150 million cash into its U.S.-based unit Empire Resorts Inc for working capital and financing purposes, the company said .

The casino, amusement park and resort group said it entered into a subscription agreement to subscribe for up to $150 million of Series L preferred stock of Empire, an indirect wholly-owned subsidiary.

Genting Malaysia had in March also announced an equity injection of $40 million into Empire via a subscription agreement for Empire’s Series G preferred stocks.

“In addition, Empire will require funds to fulfill its short-term debt obligations within the next six months,” the company said in a filing late on Friday, adding that Empire will continue with its long-term refinancing plans.

The company said U.S. authorities had in March directed all gaming resort operations to be suspended in efforts to curb the spread of the coronavirus and consequently Empire had temporarily closed its entire gaming operations.

($1 = $1.0000)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link