Genting Malaysia agreed to sell the non-gaming assets of its wholly owned subsidiary, Empire Resorts, according to a media report. The report gives no details about the buyer, price or terms.
The agreement would alter Empire Resorts’ non-gaming assets, but the report provides no buyer, price or terms.
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Genting Bhd proposed a MYR1.25 billion rights issue in early October, primarily to reduce debt and provide working capital, the company said. Lim Kok Thay’s family undertook to subscribe for its full entitlement, representing 45% of the issue; underwriting for the balance was still to be finalised. The proposal comes as Genting pursues US$5.5 billion and US$5 billion resort projects in New York and Singapore respectively.
Genting Bhd proposed a MYR1.25bn rights issue in early October, primarily to reduce debt and provide working capital. The source valued the proposed issue at US$306m.
Fitch said slower earnings growth and heavy capital spending are keeping leverage high among gaming operators in Asia-Pacific, with recent downgrades linked to company-specific pressures. It expects Genting Bhd's net leverage to remain above 4.0 times over the next three years and Genting New York's annual capital spending to average around US$800 million over the medium term.
Fitch Ratings expects Genting New York to generate approximately US$450m in EBITDA in 2028. The forecast reflects a gradual expansion of gaming at Resorts World New York City, which Genting New York operates.
Fitch Ratings lowered Genting Berhad’s long-term issuer default rating to BBB- from BBB, with a stable outlook, citing casino expansion spending in New York and Singapore and a slower earnings ramp-up in New York. Fitch expects average annual capital expenditure of MYR9.2 billion between 2026 and 2028, while net leverage is forecast to remain above 4.0 times for the next three years.
Genting Malaysia recorded MYR27.0m in profit for Q2 2026. The result followed a MYR25.2m loss in Q1 2026 but fell below the MYR398.1m profit recorded in Q2 2025.