Genting buys large piece of Empire Resorts

Casino and resorts operator Genting Malaysia said on Tuesday its US unit has bought 13.2 million shares in Empire Resorts from its largest shareholder, Kien Huat Realty, for $128.6m.

Genting said the Empire shares were bought at $9.74 a share, the same as what it had offered to pay for a 46 per cent stake held by Kien Huat in August. Genting had proposed to acquire and privatise Empire at the time.

Following the acquisition, Genting (USA) now holds a 38.3 per cent stake in Empire.