Kien Huat Realty, a part of the Genting Group, buys just under half the stock in Empire Resorts for $55 million in cash and another $10 million in credit. G. Michael Brown, former President and CEO of Foxwoods Resort Casino will become chairman of the board under the deal. Kein Huat is highly interested in developing a casino and entertainment complex close to Manhattan. Empire Resorts would be working with the Mohawk Indians to accomplish this.
Kien Huat is an Asian investment company that maintains a large interest in the Genting Group family of companies through a family trust begun by Lim Goh Tong, the founder of Genting. He built the group’s first gaming resort, Genting Highlands in Malaysia, which is the world’s largest single resort and is listed in the Guiness World Records as the world’s largest hotel.
From that auspicious beginning, Genting has built up the business to where they are now Asia’s largest casino operator and a leader in developing integrated resorts all over the world. Genting is also the largest casino operator in the UK through it’s subsidiary Genting UK Plc. They are currently developing a $4.55 billion integrated resort in Singapore which will have a Universal Studios Theme Park, a Hard Rock Hotel and venues for gaming, leisure and hospitality.
Kien Huat, aside from the Genting affiliation, has been increasing its activities in the American casino market. They financed the startup of both Foxwoods in Connecticut and the Seneca Niagara Casino in New York. It seems likely that they will help take Empire Resorts far beyond the Monticello Casino & Raceway that they currently operate less than 100 miles outside Manhattan.