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Genting Malaysia said it’s injecting $40 million of capital into its loss-making U.S. unit, Empire Resorts, through the issue of series G preferred stock.
Genting Malaysia is being sued by a minority shareholder of Empire Resorts who claims that the operator is undervaluing the U.S. company.
Genting Malaysia is pushing ahead with its overseas expansion plans, though analysts its acquisition of Empire Resorts will weigh on long-term earnings.
The Philippine Amusement and Gaming Corp. said it can’t shutter operations at the Casino Filipino Manila Bay due to an existing management contract and argues that the property is profitable if its social contributions are excluded from its results.