Even before the current coronavirus caused crisis, Empire Resorts, owner of Resorts World Catskills, wasn’t doing too hot. In November, Empire and Genting Malaysia, the properties 49% stakeholder, had decided to take the business private to avoid bankruptcy. Now with a total shutdown, Genting has decided to inject an additional $40 million into the property to keep it alive.

In a disclosure to investors, Genting Malaysia announced it had “entered into a subscription agreement to subscribe for up to USD40.0 million (or RM174.8 million) of Series G Preferred Stock of Empire (“Equity Injection”),” on March 18. “The proceeds from the Equity Injection will be utilised by Empire for the purposes of a refinancing plan and working capital.”

This decision was made with the current crisis very much in mind. They added:

“The equity injection … enables Empire to have funds for the refinancing. The proceeds also provide Empire additional funds for its working capital, if required in view of the recently-announced temporary closure of Resorts World Catskills by the authorities due to the Covid-19 pandemic.”