Empire Resorts, Inc. announced that it has entered into a subscription agreement for a private placement of series G preferred shares per share for the gross proceeds MYR 174,800,000 on March 18, 2020. The transaction will include participation from returning investor Genting Malaysia Berhad. The preferred shares will be convertible into common stock at any time on or after December 31, 2030 but before maturity date into common shares at a conversion price of $20 (MYR 83.09) per share.

The preferred shares will have a maturity date of December 31, 2038.