THE stakes are getting higher for Genting Malaysia Bhd (GenM) following its foray into Empire Resort Inc in the US. The company has invested US$624.4 million (RM2.74 billion) in its 49%-owned Empire over the last four years. GenM’s latest exercise announced last week will see it invest another US$100 million in convertible preferred stocks issued by Empire. With the latest investment, its stake in Empire will increase to 76.3% if the convertible instruments are not redeemed. The New York-based gaming company has until 2030 to redeem the convertibles.
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