{"id":11669,"date":"2025-05-09T13:25:32","date_gmt":"2025-05-09T13:25:32","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=asia&#038;p=11669"},"modified":"2025-05-09T13:25:32","modified_gmt":"2025-05-09T13:25:32","slug":"genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights\/","title":{"rendered":"Genting Malaysia\u2019s full Empire Resorts takeover draws credit warnings from Moody\u2019s, CreditSights"},"content":{"rendered":"\n<p><strong>Genting Malaysia Bhd\u2019s plan to fully acquire U.S.-based Empire Resorts Inc is drawing scrutiny from rating agencies<\/strong>, with both Moody\u2019s Ratings and CreditSights flagging the move as <strong>\u201ccredit negative\u201d<\/strong> despite strategic gains in New York\u2019s gaming market.<\/p>\n\n\n\n<p>Genting Malaysia announced it would purchase the remaining <strong>51% stake in Empire Resorts<\/strong>\u2014a company it already co-owns with the Lim family\u2019s private investment vehicle\u2014for <strong>US$41 million in cash<\/strong>, fully funded from internal resources. The deal, expected to close by the end of 2025, also includes the <strong>transfer of a US$40-million debt<\/strong> owed by Empire from the Lim vehicle to Genting Malaysia itself.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.mundovideo.com.co\/landing\/multigame-link\/\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"340\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png\" alt=\"\" class=\"wp-image-9725\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png 1000w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-300x102.png 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-768x261.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n\n\n\n<p>Moody\u2019s cautioned that the acquisition increases Genting Bhd\u2019s exposure to a <strong>loss-making asset<\/strong>, and that the related-party nature of the deal could weigh on governance perception. Empire Resorts reported a <strong>net loss of MYR252 million (US$59 million) in 2024<\/strong>, despite receiving <strong>US$750 million in equity support<\/strong> to date.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights2-1024x683.jpg\" alt=\"\" class=\"wp-image-11672\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights2-1024x683.jpg 1024w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights2-300x200.jpg 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights2-768x512.jpg 768w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights2.jpg 1300w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Empire owns and operates:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Resorts World Catskills<\/strong> (a full-scale casino)<\/li>\n\n\n\n<li><strong>Resorts World Hudson Valley<\/strong> (video lottery terminals)<\/li>\n\n\n\n<li><strong>Resorts World Bet<\/strong> (mobile sports betting)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"495\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights3.jpg\" alt=\"\" class=\"wp-image-11671\" style=\"width:840px;height:auto\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights3.jpg 700w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/05\/genting-malaysias-full-empire-resorts-takeover-draws-credit-warnings-from-moodys-creditsights3-300x212.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/figure>\n\n\n\n<p>CreditSights acknowledged that the acquisition aligned with Genting\u2019s long-standing support strategy for Empire, but warned it could <strong>worsen Genting Malaysia\u2019s pro-forma net leverage by 0.3 to 0.4 times<\/strong>, raising concerns over related-party transactions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.mundovideo.com.co\/landing\/multigame-link\/\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"340\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png\" alt=\"\" class=\"wp-image-9725\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png 1000w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-300x102.png 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-768x261.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n\n\n\n<p>Meanwhile, <strong>Maybank Investment Bank<\/strong> revised its earnings estimates for Genting Malaysia downward by <strong>2% to 4%<\/strong> for FY2025\u2013FY2027 due to the higher financial exposure. The move signals Genting\u2019s continued bet on the long-term viability of New York\u2019s gaming expansion, but <strong>analysts question whether Empire\u2019s weak earnings outlook justifies the added risk<\/strong>\u2014especially in a tightening financial environment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genting Malaysia Bhd\u2019s plan to fully acquire U.S.-based Empire Resorts Inc is drawing scrutiny from rating agencies, with both Moody\u2019s Ratings and CreditSights flagging the move as \u201ccredit negative\u201d despite strategic gains in New York\u2019s gaming market. Genting Malaysia announced it would purchase the remaining 51% stake in Empire Resorts\u2014a company it already co-owns with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11673,"menu_order":67,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[2323,57,1438],"class_list":{"0":"post-11669","1":"asia","2":"type-asia","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-asia","8":"tag-casinos","9":"tag-macau","10":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Genting Malaysia\u2019s full Empire Resorts takeover draws credit warnings from Moody\u2019s, CreditSights - 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