Empire Resorts Submits $1 Million Application Fee for Catskills Casino License
April 21 2014 - 8:00AM
Business Wire
Empire Resorts, Inc. (together with its subsidiaries, “Empire”)
(NASDAQ-GM:NYNY) today submitted the $1 million application fee to
the New York State Gaming Commission for a destination gaming
resort license (“Gaming Facility License”) in the Catskills.
Pursuant to the Request for Applications (“RFA”), an individual,
entity, consortium or other party evincing interest in a Gaming
Facility License becomes an applicant upon payment of the $1
million application fee. Such fee must be paid by April 23, 2014 in
advance of a mandatory applicant conference.
“We have been working diligently on this project for over three
years. Adelaar is a project that is well positioned to meet the
RFA’s requirement to be open 24 months after a license is granted,”
said Empire Chairman Emanuel Pearlman. “We are continuing our
partnership with local upstate stakeholders and we look forward to
providing the New York State Facility Location Board with a
comprehensive application package that exceeds the requirements of
the RFA.”
The payment of the $1 million application fee is an important
first step of the overall vetting process that will determine the
award of a Gaming Facility License in the Hudson Valley/Catskills
region of upstate New York. Empire Resorts previously announced it
has planned a four-star hotel that will have approximately 391
rooms. The proposed gaming facility is expected to include a
70,000-square foot gaming floor with a variety of table games and
slots machines, restaurants and beverage outlets, a conference
center, meeting rooms, spa and salon, and entertainment venues.
Empire has in place essentially all of the approvals and permits
to commence construction immediately upon the awarding of a Gaming
Facility License. This includes all zoning, master development and
environmental approvals for the gaming facility.
In addition, the Town of Thompson Board (“Thompson Board”)
recently voted in favor of supporting Empire’s application to the
Facility Location Board for a Gaming Facility License. Empire
previously announced it has signed a Labor Peace Agreement with the
New York Hotel and Motel Trades Council, and our construction
manager has signed a Project Labor Agreement with the Hudson Valley
Building and Construction Trades Council.
About Empire Resorts
Empire Resorts owns and operates, through its subsidiary
Monticello Raceway Management, Inc., the Monticello Casino &
Raceway, a harness racing track and casino located in Monticello,
New York, and is 90 miles from midtown Manhattan. Further
information is available at www.empireresorts.com.
Cautionary Statement Regarding Forward Looking
Information
This press release includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
statements include statements about our plans, strategies,
financial performance, prospects or future events and involve known
and unknown risks that are difficult to predict. As a result, our
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by Empire and our management
team, are inherently uncertain. Factors that may cause actual
results to differ materially from current expectations include,
among others, levels of spending in business and leisure segments
as well as consumer confidence; plans for signing and closing on
definitive transaction documents; the construction commencement
date for the gaming facility; relationships with associates and
labor unions and changes in labor law; the financial condition of,
and our relationships with, third-party property owners and
hospitality venture partners; changes in the competitive
environment in our industry and the markets where we operate; the
timing of the receipt of regulatory and governmental approvals for
the development project, including the issuance of a Gaming
Facility License to us; changes in federal, state or local tax law;
general volatility of the capital markets and our ability to access
the capital markets to secure necessary financing. A more complete
description of these risks and uncertainties can be found in our
filings with the U.S. Securities and Exchange Commission. We
caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We
undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
Empire Resorts, Inc.Charles Degliomini,
845-807-0001cdegliomini@empireresorts.com
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