MONTICELLO, N.Y. ( TheStreet) -- Empire Resorts (NYNY - Get Report) shares tumbled Monday on above-average volume after the St. Regis Mohawk Tribe voted against pursuing off-reservation gaming in New York.
Empire Resorts disclosed in a regulatory filing that on Nov. 21, tribe members voted 178-140 against continuing with an off-reservation gaming project. If off-reservation gaming had been approved, the next hurdle would have been the reversal of the so-called Kempthorne Policy, which, under the Bush Administration, prohibited the St. Regis Mohawk Tribe from building an off-reservation casino in Sullivan County.
In a separate vote, tribe members decided to not proceed with the purchase of the Burning Sky building and real estate, which carried a $250,000 price tag. The Burning Sky building is the premises where a locally-owned office supply company by the same name previously operated their business, Empire said.
Shares of Empire Resorts were falling by 45 cents, or 15%, to $2.56. Earlier in the session, the stock touched an intraday low of $2.36. More than 398,000 shares changed hands by 11:30 a.m. EST Monday, compared to the stock's 50-day average daily volume of 191,000, according to the Nasdaq.Empire Resorts has a 30.6 million-share float with a short interest float of 1.1% as of Oct. 30, according to Yahoo! Finance. Insiders hold 45.8% of the company's shares, with another 8.4% owned by institutions. -- Written by Robert Holmes in New York. Check out all of Monday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.