Kien Huat, the family trust controlled by Genting chairman KT Lim, has outlined its intention to take Resorts World Catskills private, after filing paperwork outlining intent to acquire the remaining unaffiliated shares of Empire Resorts.
The special committee of the property’s board of directors has confirmed the receipt of a letter from its controlling stakeholder, as the gaming magnate, who currently owns 86 per cent of the organisation, stresses a strong belief that this will ensure a “bright future” for the entity.
Lim has stated that he plans to start discussions with potential financing sources to acquire all of the outstanding shares of the company, in order to protect the thousands of union jobs that have been created at the facility, as well as meeting increasing economic challenges.
Furthermore, in addition to protecting the 1,600 jobs currently at Resorts World Catskills, Sullivan County’s largest employer, Lim and Kien Huat plan to potentially expand operations into Orange County, creating an additional 300 jobs.
Stefan Friedman, a spokesperson for Lim, explained: “Today’s announcement reaffirms Mr Lim’s strong commitment to Resorts World Catskills. We strongly believe that taking the company private will result in greater efficiencies and a bright future for Resorts World Catskills, and Sullivan and Orange Counties.
“This is a natural next step for Mr Lim to take on a larger role in leading Resorts World Catskills as it enters this next chapter. Mr Lim strongly believes in the long-term potential of Resorts World Casino Catskills.”
Located in the heart of New York’s Catskills region, the integrated resort features an 18-storey all-suite hotel and a casino and entertainment complex featuring 100,000 square feet of gaming action including 150 live Las-Vegas style table games, 2,150 slot machines, a poker room and private gaming salons, as well as in excess of ten bar and restaurant experiences.