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Empire Resorts Cites Issues With Maturing Debt

NEW YORK (AP) ¿ Empire Resorts Inc. says it may not be able to manage financially if it isn't able to renegotiate or find other means to pay off debts that are set to mature soon.

The gaming company has a credit facility with the Bank of Scotland that matures on May 29 and it has holders of its senior secured convertible notes who are entitled to demand repayment in July. However, New York-based empire does not have the money to repay the credit line and says it may be unable to arrange financing when the credit facility matures or to pay the purchase price for the notes.

While the company said it is considering its options, there is no assurance it will be able to find financing. The company said that uncertainty, along with the company's net losses and continued negative cash flow from operations and the shaky economic environment, raise "substantial doubt" about its ability to continue.

The concerns are noted in an audit of the company released earlier this month.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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