Genting Malaysia Bhd (GENM) said a proposed plan to strengthen the capital structure and financial position of its United States associate, Empire Resorts Inc., will no longer proceed after the company fully redeemed its outstanding senior secured notes.
In a filing with Bursa Malaysia, GENM said Empire redeemed the full nominal value of its US$300 million (approximately RM1.2 billion) 7.75% Senior Secured Notes due on Nov 1, 2026, on July 2 (US Eastern time).
The repayment effectively removes the debt that was central to the previously announced recapitalisation proposal.
Following the full redemption, the parties involved have mutually agreed not to proceed with the proposed capital enhancement exercise, which GENM had first announced in August 2025.
Empire Resorts owns and operates casino and gaming properties in New York State and forms part of Genting Malaysia’s international gaming portfolio.
The company did not disclose further financial implications arising from the cancellation of the proposal, but the full redemption of the notes significantly reduces Empire’s debt obligations ahead of their original maturity.
The announcement marks the conclusion of the proposed restructuring initiative, with Empire having settled its outstanding US$300 million debt in full.
