Empire Resorts, Inc., ( NASDAQ: NYNY) (Empire) today issued the following statement in response to the Mohegan Tribal Gaming Authority’s (Authority) announcement that it has reached an agreement with Concord Associates, a business owned by Louis Cappelli, to revive the restoration of the Concord hotel project in Kiamesha Lake, N.Y.
At this time, neither Concord Associates, nor the Authority have valid New York State licenses to operate a harness racetrack or video gaming machines (VGMs) in Sullivan County, prerequisites to the operation of VGMs at the proposed development. In addition, Empire does not believe that such licenses can be obtained by Concord Associates or the Authority under New York law and intends to vigorously oppose any request to obtain such licenses, including if necessary, by pursuing all of its available legal rights and remedies.
Empire’s Monticello Casino & Raceway is New York State’s current Sullivan County harness racing and VGM licensee. Since our opening in June of 2004, we have contributed over $200 million to New York State education and the company employees over 300 local residents.
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. Cautionary Statement Regarding Forward Looking Information 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 on Form 10-K for the most recently ended fiscal year, as amended, as well as the company's Quarterly Report on Form 10-Q for the most recently ended fiscal quarter.
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