Empire Resorts, Inc. announced that it has entered into a subscription agreement and issued 1,000 series M preferred shares for $100,000 per share for the gross proceeds $100,000,000 on January 10, 2024. The transaction will include participation from returning investor, Genting Malaysia Berhad for 14% stake. The 1,000 Series M preferred stock will be convertible into common stock at any time on or after December 31, 2030, but before the maturity date of December 31, 2038, into 100,000,000 common shares.

The company has raised $724,400,000 in funding till date. The preferred shares have a par value of $0.01 per share.