Genting Buys Out Empire Resorts At 15% Premium

Kien Huat Realty III Limited and Genting Malaysia Berhad is acquiring the remaining shares of Empire Resorts, Inc. NYNY for $9.74 in cash per share of common stock, 

The purchase price represents a premium of approximately 15% over the Aug. 16 closing price of Empire Resorts' common stock.

The deal is expected to close in the fourth quarter of 2019, according to Empire, which owns Monticello Raceway in New York. 

Empire Resorts and Kien Huat have also amended Kien Huat's existing preferred stock commitment letter with the company. The amendment increases Kien Huat's remaining commitments from $52 million to $77 million.

"With the resources and support of Kien Huat and Genting Malaysia, Empire Resorts will be better positioned financially and operationally, which will help us advance our mission of delivering a winning combination of luxury facilities, quality entertainment and exceptional customer service,” President and CEO Ryan Eller said in a statement. 

Moelis & Company LLC is serving as financial advisor to Empire Resorts' special committee and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as its legal advisor. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Genting Malaysia.

Empire Resorts shares were trading higher by 15.15% at $9.73 at the time of publication Monday. The stock has a 52-week high of $16.96 and a 52-week low of $6.31.

Related Links:

Weibo Trades Higher On Q2 Earnings Beat

Deere Reports Q3 Earnings Miss, Cuts Guidance

Photo by DanielPenfield via Wikimedia

Posted In: casinogamblingGentingM&ANews

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.