Genting owns 38.3% of Empire after offer

Genting Malaysia said it has acquired 13.2 million shares in Empire Resorts and it owns approximately 38.3 percent of the company.

The Malaysian operator said it paid $9.74 per share for the stake. On a fully diluted basis it owns just over 33 percent of the company that operates the Resorts World Catskills property in New York State.

Genting announced it was planning to buy the stake from Kien Huat Realty in August. It then planned a separate offer to shareholders to take the company private. 

Analysts have said the acquisition of lossmaking Empire may drag on Genting’s earnings.

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