Genting Malaysia’s US subsidiary Empire Resorts has announced plans to offload some of its non-gaming assets at its Resorts World Catskills casino to Sullivan County Resort Facilities Local Development Corporation for $525m as it looks to go debt-free.
The assets include the 332-room Resorts World Catskills hotel, the 99-room Alder Hotel, the Monster Golf Course, the RWC Epicenter entertainment venue and several restaurants.
The plan is to use the money to purchase 1,554 acres of land from real estate trust EPR Properties for $201.3m, settle Empire’s outstanding $300m senior unsecured notes due 2026, and generate $10m in surplus working capital.
Empire will lease back the non-gaming assets from SCRFLDC until 2066 and operate them under a 20-year management agreement, renewable for two five-year terms.
“The proposal will reinforce Genting Malaysia’s long-term commitment to improving its competitive position within the New York State gaming market and the broader northeastern US region”, the company said.
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Genting Malaysia’s US subsidiary Empire Resorts has announced plans to offload some of its non-gaming assets at its Resorts World Catskills casino to Sullivan County Resort Facilities Local Development Corporation for $525m as it looks to go debt-free. The assets include the 332-room Resorts World Catskills hotel, the 99-room Alder Hotel, the Monster Golf Course,…
The post Empire Resorts to sell and lease back non-gaming amenities at Resorts World Catskills appeared first on G3 Newswire.