Current Report Filing (8-k)
June 01 2015 - 9:35AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 26, 2015
EMPIRE RESORTS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-12522 |
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13-3714474 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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c/o Monticello Casino and Raceway, 204 State
Route 17B, P.O. Box 5013,
Monticello, NY |
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12701 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (845) 807-0001
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
The County of Sullivan Industrial Development Agency (the
IDA) took action in March 2013 authorizing various forms of financial assistance be made available to Empire Resorts, Inc. (together with its subsidiaries, the Company) in connection with the construction of the Montreign
Resort Casino (the Casino Project) to be located in the Town of Thompson, New York. This authorization was memorialized in a series of agreements between the IDA and the Company in September 2014, which agreements will become effective
upon meeting various closing conditions, including the award of a gaming facility license to the Company by the New York State Gaming Commission. Included in this authorization was an exemption from New York State and local sales and use taxes with
respect to certain items used in, or for the acquisition of, construction and equipping of, the Casino Project, which is estimated to be a savings of $15 million (the Tax Benefit).
As the Company is currently undertaking site preparation for the Casino Project in order to commence gaming operations in no more than
24-months following the award of a gaming facility license, on May 26, 2015, the IDA took action to allow the Company to obtain the Tax Benefit with respect to its eligible Casino Project expenses immediately. In connection with this
authorization, the Company paid to the IDA an administrative fee of $150,000 and was permitted to defer an escrow payment in the amount of $100,000 until a building permit for the construction of the Casino Project is issued.
Cautionary Statement Regarding Forward Looking Information
This report 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 the Company 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 the reports and other documents filed with the U.S.
Securities and Exchange Commission. The Company cautions readers not to rely on these forward-looking statements.
The Company undertakes no obligation to update 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: June 1, 2015
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EMPIRE RESORTS, INC. |
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By: |
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/s/ Joseph A. DAmato |
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Name: |
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Joseph A. DAmato |
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Title: |
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Chief Executive Officer |
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