Empire Resorts, Inc. announced that it will issue 2,100 series H preferred shares at issue price of $100,000 per share for the gross proceeds $210,000,000 in funding on March 16, 2020. The transaction included participation from returning investor Genting Malaysia Berhad (KLSE:GENM) to receive a gross proceeds of $40,000,000 in the transaction. As a part of transaction the company will issue series H convertible preferred stock which will be convertible at any time on or after December 31, 2030 but before maturity date into common shares at a conversion price of $20 per share.

The preferred shares will have a maturity date of December 31, 2038. The preferred shares are senior to the company's common shares pari passu with Empire's Series F Preferred Stock held by Kien Huat Realty III Limited. The number of shares to be issued upon conversion is limited a cap of 49% of total issued and outstanding common stock.

The preferred shares are entitled to receive dividends equal to (on an as-if-converted-to-Common-Stock basis) and in the same form as dividends paid on common stock and also entitled to vote. The transaction will be funded to internal funds of the buyers. The transaction is expected to close by end of 2020.