Resorts World Catskills sale over the line
Shareholders of Resorts World Catskills approved a deal to sell the resort to fellow operator Genting Malaysia, backed by Kien Huat Realty.
Kien Huat and Genting Malaysia announced in August an acquisition agreement of Empire
Resorts.
Empire Resorts stockholders voted in favor of the agreement to save Resorts World Catskills
from bankruptcy.
The agreement also gives Kien Huat and Gaming Malaysia control of Empire-owned Monticello Raceway.
Resorts World Catskills, which opened in February 2018, posted an operating loss of $36m for Q2 of this year.
The 100,000 sq. ft. and 18-story tall casino struggled to attract clientele from New York City.
With the purchase of Resorts World Catskills, Genting Malaysia expands its reach in New York.
The group already owns Resorts World New York City in Queens.
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