Global casino operator Genting Malaysia Bhd, controller of loss-making United States-based casino business Empire Resorts Inc, says the latter is to become “debt-free” via a deal that will see its non-gaming assets sold off for US$525.0-million in cash.
The money raised will enable Empire – an entity wholly owned by Genting Malaysia – to pay off US$300-million in 7.75-percent senior unsecured notes that had been due on November 1, 2026.
“The proceeds from the proposed disposal will enable Empire to fully redeem the Empire bond, resulting in Empire being debt-free,” said Friday’s statement to Bursa Malaysia.
Genting Malaysia added: “This allows Empire to continue its focus on improving operating performance and…