KUALA LUMPUR: Genting Malaysia Bhd
's indirect subsidiary, Empire Resorts Inc, has scrapped its proposed capital restructuring after fully redeeming its US$300mil (about RM1.22bil) 7.75% senior secured notes due Nov 1, 2026.
In a filing with Bursa Malaysia, Genting Malaysia said Empire redeemed the notes in full on July 2 (U.S. Eastern time), prompting all parties involved in the proposal to mutually agree not to proceed with the restructuring.
“With the redemption of the Empire notes, parties to the proposal have agreed that the proposal will not proceed,” it said.
The proposal, first announced on Aug 15, 2025, was intended to enhance Empire's capital structure and financial position.
It involved the proposed US$525mil sale of Empire's non-gaming assets at Resorts World Catskills to Sullivan County Resort Facilities Local Development Corporation, with the proceeds earmarked to redeem the US$300mil notes, acquire 1,554.6 acres of land from EPR Properties for US$201.3mil and provide additional working capital.
