MONTICELLO, N.Y., Aug. 6, 2019 /PRNewswire/ -- Empire Resorts,
Inc. (NasdaqGM: NYNY) (the "Company"), today confirmed that the
special committee of its board of directors (the "Board") has
received an unsolicited proposal from Kien Huat Realty III Limited
("KH"), the holder of approximately 86% of Empire Resorts'
outstanding shares of common stock. KH is proposing to acquire all
of the outstanding equity of the Company not currently owned by KH
or its affiliates for $9.74 per share
of common stock, and with each share of the Company's series B
preferred stock receiving the same consideration on an as-converted
to common stock basis, in cash in a joint-venture with Genting
Malaysia, an affiliate of KH. KH's proposal is subject to various
conditions, including completion of due diligence, negotiation and
execution of definitive transaction documents and regulatory
approvals.
As previously announced, the Board formed the special committee
comprised of independent, disinterested directors to evaluate
strategic alternatives. Consistent with its fiduciary duties, the
special committee, with the assistance of its financial and legal
advisors, will carefully review and consider the proposal in the
context of Empire Resorts' strategic review, and will pursue the
course of action that it believes is in the best interest of the
Company and its stockholders.
Empire Resorts advises its stockholders to take no action at
this time pending the review of the proposal by the special
committee. There can be no assurance that any definitive agreement
will be executed relating to a transaction with KH or any other
party or that any transaction with KH or any other party will be
approved or consummated. The Company does not undertake any
obligation to provide any updates with respect to this or any other
transaction, except as required under applicable law.
Moelis & Company LLC is serving as financial advisor to
Empire Resorts and Paul, Weiss, Rifkind, Wharton & Garrison LLP
is serving as its legal advisor.
About Empire Resorts, Inc.
Empire Resorts, Inc. was
organized as a Delaware
corporation on March 19, 1993, and
since that time has served as a holding company for various
subsidiaries engaged in the hospitality and gaming industries.
Empire owns and operates Resorts World Catskills, an all-season
integrated destination casino resort located in Sullivan County, New York, approximately 90
miles from New York City,
including the 101-room lifestyle hotel The Alder adjacent to the
casino. Empire also owns and operates Monticello Raceway, a
harness horseracing facility that began racing operations in 1958
in Monticello, New York,
approximately 90 miles northwest of New
York City.
Further information about the Company is available at
www.empireresorts.com, www.rwcatskills.com and
www.monticellocasinoandraceway.com.
Important Notice Regarding Forward-Looking
Statements
The information in this press release contains
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 expression, or the negative of these terms or similar
expressions. These statements are based on management's current
beliefs, expectations, plans, assumptions and objectives of the
Company and are subject to significant risks and uncertainties. All
forward-looking statements speak only as of the date as of which
they are made. These statements are not guarantees and involve
certain risks, uncertainties and assumptions concerning future
events that are difficult to predict. Factors that may cause actual
results to differ materially from current expectations include, but
are not limited to, risks related to the expected timing and
likelihood of completion of a potential transaction with KH or any
other party, including the risk that the potential transaction may
not occur, and the risk that any announcements relating to the
potential transaction could have adverse effects on the market
price of the Company's. Risk factors are detailed in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and subsequent reports filed
with the Securities and Exchange Commission ("SEC") and will be
found in the filings that may be filed with the SEC by the Company
and/or KH or a third party if a negotiated transaction is agreed
to. Such reports are available on the SEC's website (www.sec.gov).
We caution you not to place undue reliance on any forward-looking
statements, which are made as of the date hereof or as otherwise
specified herein. 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 law. 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.
Contacts
Talya Regan,
845-428-7200, EXT. 1646
Public Relations Manager
tshlang@rwcatskills.com
Matthew Sherman / Ed Trissel
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Empire Resorts, Inc.
