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Gaming Industry News |
Wednesday December 3rd, 2008 |
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Empire Resorts Inc. Name Change Becomes Effective |
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MONTICELLO, New York May 28, 2003 Empire Resorts, Inc. (the "Company") (Nasdaq:NYNY) confirmed today that its change of name to Empire Resorts, Inc. has become legally effective. |
In anticipation of the change, the Company has been doing business as Empire Resorts, Inc. since the previously announced action by its Board of Directors to change the name. The Company has indicated that the name was changed in order to reflect a change in strategic direction of the firm.
Empire Resorts' Chairman and CEO Robert Berman stated, "We believe that our new name more accurately represents our current business model and philosophy. We now have two key New York opportunities on the front burner -- a Native American Casino with our partners the Cayuga Nation of New York and the installation of 1,800 Video Lottery terminals at Monticello Raceway."
The Raceway is one of eight New York State Racetracks slated to offer VLTs under legislation initially passed two years ago. Recently announced modifications to the original bill will now permit the tracks to offer VLTs under more favorable terms.
On April 10, 2003, the Cayuga Nation of New York along with the Company and its affiliate, Catskill Development LLC, officially filed with the Eastern Regional Office of the Bureau of Indian Affairs ("BIA") an application requesting that the Secretary of the Interior acquire in trust on behalf of the Nation a 30-acre parcel of land in Monticello, New York to be used for gaming purposes.
On April 21st, 2003, The Planning Board of the Village of Monticello issued a Negative Declaration under New York State's Environmental Quality Review Act ("SEQRA") after reviewing an Environmental Assessment Form ("EAF") and supporting documentation that was submitted by the company on January 30, 2003. The Negative Declaration confirmed the Company's ability to go forward with the Cayuga project.
The Company, a Delaware corporation previously known as Alpha Hospitality Corporation, is in the process of finalizing an agreement to consolidate its operations with those of Catskill Development, LLC -- a partner in the operation and development of this project.
Mr. Berman concluded, "The recent steps that the Company has taken are important in moving us toward full scale New York based operations. We have been working diligently to complete definitive agreements that will allow us to consummate our consolidation with Catskill Development LLC. As Empire Resorts, Inc. we will focus intently on all potential avenues for the development of the Raceway site as a multidimensional gaming destination -- including both Video Lottery Terminals and a full scale Native American casino. These are key initiatives that can allow us to take full advantage of the unique advantages of the Raceway's location -- which is just 90 miles north of New York City and within driving distance of 23 million people."
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| Volume: | 37147
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