MSWG Weekly Newsletter 16 December 2022 (English)

Recently, Genting Malaysia (GENM) said it is investing another US$100 million (RM438.5 million) to acquire convertible preferred stock (Series F) in Empire Resorts from Kien Huat Realty III Ltd, raising its investment in Empire Resorts Inc to US$624.4 million.
MSWG had commented on the RPTs entered by GENM in the past. In our view, GENM should explain how it sees the investment as being in the best interest of the Company, although the investment is not subject to shareholders’ approval.