Genting Malaysia Berhad, the Asian giant, announced that it is injecting up to $ 150 million to its subsidiary Empire Resorts Inc, based in the United States, which was seriously affected by the Covid-19 crisis. The group has explained that the funds will be used for working capital and financing purposes.
In a press release they highlighted the following aspects:
"The equity injection will be funded through internally generated funds and / or bank borrowings, the mix of which has not been determined as yet"
"Empire has sought to mitigate the liquidity impact from the closure of its operations by aggressive cost control measures, including reducing employee costs through furloughs and deferment of non-essential capital expenditure"
“Empire will require working capital for the resumption of its operations at RWC. In addition, Empire will require funds to fulfill its short-term debt obligations within the next six months whilst it works on the bond offering ”
On the other hand, the group hopes that the capital injection will allow it to participate in sports betting opportunities in the state of New York in the future.
18+ | Juegoseguro.es – Jugarbien.es
