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Kien Huat Realty III Limited and Genting Malaysia Berhad to Acquire Empire Resorts

Niji Narayan

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Empire Resorts, Inc. has announced a definitive agreement under which affiliates of Kien Huat Realty III Limited and Genting Malaysia Berhad will acquire all of the outstanding equity of the Company not currently owned by Kien Huat or its affiliates for $9.74 in cash per share. Kien Huat is currently the holder of approximately 86% of Empire Resorts’ outstanding shares of common stock.

The Board of Directors of Empire Resorts has approved the transaction on the unanimous recommendation of the previously formed special committee of independent directors. Empire Resorts and Kien Huat also amended Kien Huat’s existing preferred stock commitment letter with the Company, which, subject to the terms thereof, enhances Empire Resorts’ access to capital through February 2020.

“We are pleased to reach this agreement and provide immediate certain cash value to our stockholders. Kien Huat has been a true partner for Empire Resorts, and we look forward to welcoming Genting Malaysia into our ongoing relationship. With Kien Huatand Genting Malaysia, we will be part of an extensive and attractive organization with enhanced scale and global reach. Importantly, Kien Huat has agreed to provide incremental credit support to Empire Resorts, which will enable the Company to meet its debt obligations as we continue to execute on our business strategy,” Keith Horn, independent director of Empire Resorts said.

“With the resources and support of Kien Huatand Genting Malaysia, Empire Resorts will be better positioned financially and operationally, which will help us advance our mission of delivering a winning combination of luxury facilities, quality entertainment and exceptional customer service. This transaction is a win-win for all our stakeholders, including our stockholders, customers, employees, creditors and the communities in which we operate. Importantly, we expect our employees will benefit from new opportunities for career development as part of a larger organization. I look forward to working closely with Kien Huat and Genting Malaysia to seamlessly complete the transaction,” Ryan Eller, President and CEO of Empire Resorts said.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Osaka City Planning Council Agrees to Change Yumeshima as Commercial Zone

Niji Narayan

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Osaka City Planning Council Agrees to Change Yumeshima as Commercial Zone
Photo Source: ft.com
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The Osaka City Planning Council has agreed to change Yumeshima island to a commercial zone from its current status as an industrial or semi-industrial zone. The change in status of the zone is to promote Yumeshima as an international tourist hub and develop an integrated resort (IR).

“We will guide reasonable land usage for the purpose of creating a new international tourism hub on the coastal area. It is easily accessible from the city and it is possible to secure a large amount of land,” the Council said.

Yumeshima, an artificial island in Osaka Bay, will host the World Expo 2025. Japan is planning to develop integrated resorts before the World Expo 2025. The development of Yumeshima will be worth around JPY 95.4 billion. The city will extend its Osaka Metro Central Line and will connect Yumeshima to the city.

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Chinese Gambling Employees Leave Cambodia as Ban Comes into Force

Niji Narayan

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Chinese Gambling Employees Leave Cambodia as Ban Comes into Force
Photo Source: scmp.com
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More than 10,000 Chinese citizens employed in the online gambling industry in Cambodia have been reportedly leaving, following the banning of gambling in the country.

Local news outlets from the Cambodian city of Sihanoukville, a coastal casino hub, reports that a large number of Chinese employees have left the area. The Cambodian government has announced that all online-gambling operations in the country will be banned with effect from early 2020. Almost all the gambling websites, conducting illegal operations, employ Chinese citizens. Most of their customers are also Chinese.

It may be noted that gambling is illegal in China. But many Chinese nationals engage with illegal gambling websites from neighboring countries. Even the Cambodian government’s ban on online gambling is said to be under pressure from China. There are also reports that China pressurizing the Philippines to ban all kinds of gambling in the country.

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Melco Resorts and Entertainment Promotes Evan Winkler as President

Niji Narayan

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Melco Resorts and Entertainment Promotes Evan Winkler as President
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Melco Resorts and Entertainment has promoted Evan Winkler as the President of the Company. Winkler is already a board member of Melco Resorts as well as being President and Managing Director of parent company Melco International Development Ltd.

In the new role, Winkler will be responsible for Melco Resorts’ day-to-day operational matters globally, with all operational departments reporting directly to him. Winkler himself will report directly to Chairman and CEO Lawrence Ho.

“The Company has seen extraordinary transformations over the last few years, which have been game changing, including expanding globally, opening Morpheus, bringing more beyond-gaming attractions than ever and building up a very strong team. As we continue to move forward, I have the utmost trust in a team that has a proven track record of delivering outstanding growth for the Company,” Ho said.

“I am honored by the trust placed in me by Melco’s founder, Chairman and Chief Executive Officer, Mr Lawrence Ho. I joined Melco International Development Limited three years ago to help support and carry Mr Ho’s vision and am excited to be able to play a broader role within the Melco group,” Winkler said.

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