Notícies de l'operador

Genting Malaysia pren el control total de Resorts World Catskills a Nova York

Genting Malaysia has confirmed it will buy the remaining 10 per cent share in Empire Resorts, which owns Resorts World Catskills in New York, Resorts World Hudson Valley and Resorts World Bet, from Lim Kok Thay for US$41m.

Lim is Chairman and CEO of Genting Berhad and also Deputy Chairman and CEO of Genting Malaysia.

Genting said: “Genting Malasyia group has participated in the New York gaming market for more than a decade. The proposed acquisition will allow GENM group to reinforce its position and grow its presence in the New York State gaming market to compete effectively in the northeastern US region. With full control over Empire, this will facilitate better positioning of the Resorts World brand through more effective cross marketing between Resorts World New York City and Empire’s assets. Operating synergies between RWNYC and Empire will be enhanced further for both properties to grow their revenue by leveraging their customer databases and better cost control, resulting in an overall improvement in returns to both properties.”

Nomura analysts Tushar Mohata and Alpa Aggarwal weren’t blown away by the deal. “Similar to previous tranches, we are negative on this latest transaction as well and think that investors are likely to perceive it as another related-party transaction detrimental to Genting Malaysia’s prospects,” they said. “This is because there does not yet appear to be a clear path to sustainable turnaround in Empire’s performance [and] after this acquisition, with Empire becoming 100 per cent owned by Genting Malaysia, it is likely that Genting Malaysia will need to keep injecting capital to support Empire’s business.”

“Our previous expectation of an earnings recovery (for Genting Malaysia) post COVID-19 reopening has not materialized, due to the structurally high cost base of the company after undertaking substantial capex, which has not yet yielded desired returns,” they added.