[KUALA LUMPUR] Casino operator Genting Malaysia is injecting another US$150 million cash into its indebted US-based unit Empire Resorts, it said on Tuesday, as it seeks to help it recover from the impact of the pandemic.

The sum takes the total amount Genting has invested in Empire to US$524.4 million, the company said, including US$150 million agreed in September last year.

In a stock exchange filing on Tuesday, it said it had agreed another cash injection through a deal to subscribe up to US$150 million additional Series L preferred stock funded in part by proceeds from its US$1 billion bond issuance completed on April 20.

It said the money would help Empire, an indirect wholly-owned unit, as it repays debts of US$365 million and financing-related expenses and seeks to grow in the New York gaming market.

The pandemic disrupted Empire's operations and impacted its long-term financing plan in the last financial year.

Empire's business resumed in September 2020 and since April has rebounded, Genting said, "with strong records of gross gaming revenues close to and exceeding pre-pandemic levels for some months." It did not give detailed figures.

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REUTERS