Genting Malaysia Berhad (GENM) has confirmed that a major restructuring proposal involving its wholly owned subsidiary Empire Resorts Inc. will no longer proceed after Empire fully redeemed its outstanding US$300m 7.75% Senior Secured Notes due November 2026.
According to the company's filing, Empire completed the redemption on July 2, 2026 (U.S. Eastern time). Following the repayment, all parties agreed to terminate the proposal first announced in August 2025, as its primary objective had effectively been achieved.
The original plan was intended to enhance Empire's capital structure and financial position through a series of linked transactions. It included the proposed sale of Resorts World Catskills' non-gaming assets to the Sullivan County Resort Facilities Local Development Corporation (SCRFLDC) for US$525m.
The assets involved in the proposed disposal included the 332-room Resorts World Catskills hotel, the Alder Hotel, the Monster Golf Course, the Epicenter entertainment venue and several food and beverage outlets. The proposal also included the purchase of approximately 1,554.6 acres of land from EPR Properties for US$201.3m, using proceeds from the planned asset sale.
In addition, Empire had planned to enter into a long-term land lease with SCRFLDC through 2066 and sign a 20-year management agreement to continue operating the non-gaming facilities.
When the restructuring was announced, Genting Malaysia said it would allow Empire to become debt-free while strengthening its ownership of strategic land surrounding Resorts World Catskills. The company also expected the plan to improve operating efficiency by reducing financing costs and generating approximately US$10m in additional working capital.
With the full redemption of the senior secured notes now completed, the restructuring proposal is no longer required. Genting Malaysia did not announce any replacement transaction, confirming only that the previously proposed restructuring has been discontinued.
The proposal was originally designed to eliminate Empire's debt, strengthen its asset base and improve its long-term financial position
