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GENM (4715): Not Another RPT!

GenM announced its acquisition of a 35%-stake in the US-listed Empire Resorts (Code: NYNY) for USD128.6 million. GenM is acquiring the stake from Kien Huat Realty, the main shareholder of GenM's parent company, Genting. Thus, this acquisition will be a related party transaction ("RPT").
Generally speaking investors do not take well to any RPT. What make it even worse is this RPT involved GenM and Genting, which have a history of questionable RPTs. To add another level of suspicion, NYNY is in a loss-making company. How far would the share prices drop? 
If not for the recent good news regarding the resolution of the theme park issue at Resort World in Genting Highland, this negative news could well send the share prices of GenM and Genting to a new low for 2019. However, if we balance out the positive news with the negative RPT news, I think the share prices would be backstopped by the intermediate uptrend line, SS or the low recorded in May this year. Worse comes to worst, the low of December 2018 should be a strong support for both stocks.
Chart 1: GenM's daily chart as at Aug 7, 2019_10.40 (Source: Malaysiastock.biz)
Chart 2: Genting's daily chart as at Aug 7, 2019_10.40 (Source: Malaysiastock.biz)
Chart 3: NYNY's weekly chart as at Aug 6, 2019 (Source: Yahoo Finance)

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