Malaysian leisure and hospitality giant Genting Malaysia Berhad has entered into an agreement to acquire a 46 per cent stake in New York-listed casino operator Empire Resorts.

The agreement will see Genting Malaysia acquire 13,200,00 shares held by Kien Huat Realty III Limited (KH), a controlling stockholder in Empire Resorts with an 86 per cent holding.

Genting will pay a cash consideration of $9.74 per share, equivalent to $128.6m. As part of the deal, KH has also proposed to acquire all of the outstanding equity in Empire that it does not currently own for $9.74 per share.

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