Opening of Resorts World Hudson Valley a boon for Empire Resorts

CGS-CIMB Research has trimmed its target price for Genting Malaysia to RM3.25 from RM3.30 previously.

PETALING JAYA: Genting Malaysia Bhd’s (GenM) plan to acquire Empire Resorts Inc’s (ER) entire 1,510 Series F Convertible Preferred Stock from Kien Huat Realty Sdn Bhd (KHR) has been viewed as a negative development for the gaming and resort operator.

This is because the New York-based Empire Resorts is expected to remain loss-making for the next five years, according to CGS-CIMB Research.