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

Empire Resorts Notifies New York Lottery Of Opposition To Concord Associates Gaming License Application

Empire Resorts, Inc. (NASDAQ: NYNY) announced today that Emanuel Pearlman, Chairman of the Board of Empire Resorts, which owns and operates Monticello Raceway and Casino, wrote to the New York Lottery (the "Lottery") in response to a letter sent by the Lottery on September 16 to Concord Associates that sets out the conditions that would have to be met before the Lottery would consider Concord Associates' currently incomplete application to operate video lottery gaming machines at a proposed race track on the site of the former Concord Hotel in Sullivan County. Those conditions include a review by the Lottery of comments by operators of other race tracks and other interested parties.

In the letter, Mr. Pearlman notified the Lottery that Monticello Casino and Raceway, as both another race track and an interested party, opposes Concord Associates' incomplete application to operate video lottery gaming machines as well as its incomplete application to the New York State Racing and Wagering Board to operate a harness racing track at the Concord site. Monticello Raceway believes that granting licenses to Concord Associates to operate a racino at the Concord site would be contrary to New York law and public policy and would cause grave competitive harm, diminish revenues for education and hurt racing in the State. Monticello Raceway and Casino intends to submit its formal opposition at the appropriate time.

Mr. Pearlman’s letter provides as follows:

September 21, 2011

Dear Director Medenica:

I am Chairman of the Board of Directors of Empire Resorts, Inc., owner of the Monticello Casino and Raceway. I write in reaction to your September 16, 2011 letter (the "Letter") to Louis Cappelli and Concord Raceway Corporation ("Concord") setting out various conditions that would need to be satisfied before the New York State Division of the Lottery (the "Lottery") could act upon Concord's presently incomplete Video Lottery Gaming Agent License Application (the "Application") for a planned facility at the site of the former Concord Hotel -- which is less than five miles away from Monticello Casino and Raceway.

As you know, since its opening in June 2004, Monticello Casino and Raceway has made significant contributions to aid education in New York State and the community in Sullivan County in the Catskills. You explain in your Letter that the Lottery intends to consider comments from existing video lottery gaming agents and other interested parties before deciding upon the Application. The purpose of my letter is to inform the Lottery that, as both an existing video lottery gaming agent and an interested party, Monticello Casino and Raceway opposes the Application -- as well as Concord's pending application with the New York State Racing and Wagering Board -- as both are inconsistent with New York law and New York State's best interests.

Should the Lottery decide to consider the Application, we look forward to the opportunity to submit at the appropriate time in the future a formal written objection that fully addresses the compelling legal, economic, competitive, environmental and qualitative reasons the Application should be denied. In addition, we would also respectfully request the opportunity to be heard in person on the Application and our submission in opposition.

In the meantime, please do not hesitate to contact me if you have any questions or would like to discuss this matter.



Emanuel R. Pearlman

Chairman of the Board

About Empire Resorts

Empire Resorts owns and operates, through its subsidiary Monticello Raceway Management, Inc., the Monticello Casino & Raceway, a harness racing track and casino located in Monticello, New York, and is 90 miles from midtown Manhattan. For additional information, please visit

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 and in other filings with the Securities and Exchange Commission from time to time.

1 of 2

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
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.81 0.50%
TSLA $222.56 -4.20%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs