Empire Resorts, Inc. announced that it has entered into a subscription agreement with returning investor Genting Malaysia Berhad (KLSE:GENM) for 200 series L convertible preferred stock at a price of $100,000 per preferred share for a gross proceeds of $20,000,000 on March 18, 2021. The 200 series L convertible preferred stock which will be convertible into 2,000,000 common shares at a conversion price of $10 per share on or any time after December 31, 2030 and prior to the maturity date. The shares are automatically converted into common shares of the company after maturity date. The preferred shares are senior in nature. The maturity date of preferred shares is December 31, 2038. The investor will be investing through its indirect wholly owned subsidiary Genting ER II LLC. The transaction is not subject to shareholders' approval of the investor or any other relevant authorities.