TLDR
- Genting Malaysia has dropped its recapitalisation plan for Empire Resorts.
- Empire Resorts repaid its full $300 million senior secured notes on July 2.
- The planned $525 million sale of non-gaming assets at Resorts World Catskills will not move forward.
- Genting Malaysia took full ownership of Empire Resorts in June 2025.
- Genting Malaysia posted a net loss of MYR25.2 million in the first quarter of 2026.
Genting Malaysia has ended its recapitalisation plan for Empire Resorts, its wholly owned subsidiary in the United States.
The company made the announcement after Empire Resorts repaid a large chunk of debt tied to the original plan.
In a filing with Bursa Malaysia on Friday, Genting Malaysia said Empire Resorts redeemed the full amount of its $300 million senior secured notes. The notes carried a 7.75% rate and were due on November 1, 2026.
The redemption was completed on July 2.
Empire Resorts owns three businesses in New York state. These include the upstate casino complex Resorts World Catskills, the video lottery terminal operation Resorts World Hudson, and the mobile sports betting service Resorts World Bet.
Debt Repayment Ends Restructuring Plan
The recapitalisation proposal was first announced in August last year. It centered on a plan to raise cash by selling off certain assets.
That plan included a proposed $525 million sale of non-gaming assets at Resorts World Catskills. The buyer was set to be Sullivan County Resort Facilities Local Development Corp.
Proceeds from that sale were meant to help pay off the $300 million in notes, among other uses.
Now that the notes have been repaid another way, Genting Malaysia says the asset sale plan will not move forward.
New York Portfolio Remains In Focus
Empire Resorts has played a central role in Genting Malaysia’s push into the U.S. market.
In June 2025, Genting Malaysia finished buying the remaining stake in Empire Resorts that it did not already own. That deal gave the company full control of all three New York businesses.
The decision to cancel the recapitalisation plan comes after that ownership change was completed.
Genting Malaysia’s presence in New York extends beyond Empire Resorts. In December last year, a separate unit called Genting New York LLC won a full casino license for downstate New York.
Genting Malaysia has committed to invest $5.5 billion through 2030 as part of securing that license.
The company’s latest financial results show a mixed picture. Genting Malaysia reported a net loss of MYR25.2 million, or about $6.2 million, for the first three months of 2026.
That compares to a net profit of MYR51.9 million in the same period last year.
Group revenue still grew during the quarter, rising 10.5% to MYR2.87 billion. The numbers show revenue increased even as profit turned into a loss.
The end of the Empire Resorts recapitalisation plan removes one item from Genting Malaysia’s list of ongoing financial matters. The company still holds casino, video lottery, and sports betting operations across its New York portfolio.
