Empire Resorts Announces Settlement With Former CEO
Empire Resorts, Inc., (NASDAQ: NYNY) today announced the settlement of an action it had filed against its former CEO, Joseph Bernstein, in January 2010. The parties reconciled their differences for the benefit of the Company and its shareholders.
The Company recognizes that Mr. Bernstein was responsible for negotiating a $55 million investment by Kien Huat Realty III Ltd. to provide it with additional capital and is grateful to Mr. Bernstein for his success in those endeavors.
Joseph Bernstein added, “This is a great company, with a superb Board and management.”
About Empire ResortsEmpire Resorts owns and operates the Monticello Casino & Raceway, a harness racing track and casino located in Monticello, New York, and 90 miles from midtown Manhattan. For additional information, please visit www.empireresorts.com. About Joseph Bernstein Joseph Bernstein is the Chief Executive Officer of Grandparents.com and a NY real estate developer. His company’s projects have included The Crown Building at Fifth Avenue and 57th St., the 50-story Americas Tower at 1177 Avenue of the Americas, the 70-story tower at 40 Wall St., and the vertical shopping center at One Herald Square. Currently, he has projects under way in Israel, including Israel by the Sea Resort & Club, a 36-hole golf resort and residence club on Mt. Arbel, overlooking the Sea of Galilee, and an Entertainment City in Eilat, Israel. Statements in this press release regarding the Company's business that are not historical facts are "forward-looking statements" that may involve material risks and uncertainties. The Company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. For a full discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year, as well as the Form 10-Q for the most recently ended fiscal quarter.
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