This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Too Many Bets Placed on Empire Resorts

The planned Indian casino in upstate New York would be a tremendous success for the state, the tribe and Empire Resorts (NYNY - Get Report), the company that would manage the property.

Empire Resorts' stock is up 36% this year on news that the long-planned Catskills casino is close to final approval. Last Tuesday, New York Gov. Eliot Spitzer gave his final approval for the project, sending shares up 19% last week alone.

Anyone thinking of jumping on the bandwagon of Empire's stock is likely too late, however. And those who are already on board might be wise to cash out.

At just under $12, the stock is trading close to full value, according to's estimates. If you throw in any sort of meaningful risk that the project won't get final approval from the federal government, then the stock looks expensive.

The planned $600 million casino would sit next to Empire's Monticello Raceway in the Catskills region of upstate New York, about 1½ hours from New York City.

For the project to be built, the federal government must approve the transfer of 30 acres of land that Empire owns to the U.S. government. The property will then be held in a trust for members of the St. Regis Mohawk tribe, who will profit most from the site.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
NYNY $16.63 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs