Empire Resorts, Inc.’s Gaming Facility License for Montreign Resort Casino Becomes Effective
March 02 2016 - 8:00AM
Business Wire
On March 1, 2016, the gaming facility license awarded by the New
York State Gaming Commission (“NYSGC”) to Montreign Operating
Company, LLC (“Montreign”), a wholly-owned subsidiary of Empire
Resorts Inc. (NASDAQ-GM:NYNY) (“Empire” and, together with its
subsidiaries the “Company”), with respect to Montreign Resort
Casino became effective upon the deposit with NYSGC of 10% of the
minimum capital investment required for the project. The gaming
facility license is subject to various conditions that are detailed
in filings made by the Company with the Securities and Exchange
Commission, including the payment of the license fee of $51 million
on or before March 31, 2016.
Beautifully situated in the pristine Catskills, Montreign Resort
Casino is poised to become what will be one of the most
comprehensive destination gaming resorts in the northeastern United
States. Montreign Resort Casino, which is part of the initial phase
of Adelaar, is designed to meet 5-star and 5-diamond standards and
is anticipated to feature:
- A 90,000 square foot casino floor
featuring 2,150 slot machines, 102 table games and a 14 – 16 table
poker room (inclusive of the poker room and VIP and high-limit
areas);
- Designated VIP/high-limit areas within
such gaming floor which will offer a minimum of 26 slot machines, 8
table games, and a player’s lounge with food and beverage;
- An 18 story hotel tower containing 332
luxury rooms (including at least eight 1,000 – 1,200 square foot
garden suites, seven 1,800 square foot, two story townhouse villas,
and 12 penthouse-level suites), indoor pools and fitness
center;
- A VIP floor containing 6 private VIP
gaming salons, a private gaming cage, and butler service;
- 27,000 square feet of multi-purpose
meeting and entertainment space with seating capacity for 1,300
people and a mezzanine level that includes the 14 -16 table poker
room, access to outdoor terraces and approximately 7,000 square
feet of meeting room space;
- A 7,500 square foot spa; and
- Seven restaurants and four bars.
In addition to Montreign Resort Casino, Adelaar is expected to
include an array of other non-gaming, leisure and recreational
options, such as:
- An Indoor Waterpark Lodge including a
hotel, indoor and outdoor water parks, and other amenities;
- An “Entertainment Village” with dining
facilities, entertainment and retail shops; and
- The “US Open Doctor” Rees Jones
renovated 18-hole Monster golf course.
The company recently installed a time-lapse camera to broadcast
and document the transition from construction site to casino. The
feature-rich interface, accessible from any device with an internet
browser, provides high-resolution images, complete with jobsite
weather data, which will document virtually every moment of
Montreign construction. Users can zoom in on images from any date
and time to see details of construction. Construction progress can
be viewed clicking on the “Construction Cam/View our Progress” at
these links: https://www.montreign.com and
https://www.empireresorts.com.
About Empire Resorts
Empire Resorts, Inc. owns and operates, through its subsidiary
Monticello Raceway Management, Inc., the Monticello Casino and
Raceway, a harness racing track and casino in Monticello, N.Y., and
is 90 miles from midtown Manhattan. For additional information,
please visit www.empireresorts.com.
The Company has begun construction of Montreign Resort Casino –
an 18-story casino, hotel and entertainment complex with
approximately 102 table games, 2,150 state of the art slot machines
and 332 luxury rooms, which includes 12 penthouse suites, 8 garden
suites and 7 two-story villas, designed to meet 5-star and
5-diamond standard
For additional information, please
visit www.montreign.com.
Cautionary Language on Forward-Looking Statements
This press release includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
statements include statements about our plans, strategies,
financial performance, prospects or future events and involve known
and unknown risks that are difficult to predict. As a result, our
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by the Company and its management
team, are inherently uncertain. Factors that may cause actual
results to differ materially from current expectations include,
among others, levels of spending in business and leisure segments
as well as consumer confidence; plans for signing and closing on
definitive transaction documents relating to the development of
Montreign Resort Casino and Adelaar; the construction commencement
date for Montreign Resort Casino and other areas of Adelaar;
difficulties and/or delays in construction of Montreign Resort
Casino and other areas of Adelaar; failure to maintain and renew,
or the loss of, any license or permit required under gaming laws;
assumptions concerning metrics important to the development and
operation of Montreign Resort Casino, prove incorrect;
relationships with labor unions and other building trades and
changes in labor law; the financial condition of, and our
relationships with, third-party property owners, the construction
manager and contractors and hospitality venture partners; risks
associated with the introduction of a new casino hotel in an
unproven region; changes in the competitive environment in the
hospitality and gaming industries, generally, and in our primary
market; the effects of local and national economic, credit, project
finance and capital market conditions on the economy, in general,
and on the hospitality and gaming industries, in particular; the
timing of the receipt of regulatory and governmental approvals for
the Montreign Resort Casino to commence construction; changes
in federal, state or local tax law; and inability to obtain credit
financing on terms and conditions acceptable to the Company. A more
complete description of these risks and uncertainties can be found
in our filings with the U.S. Securities and Exchange Commission. We
caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We
undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160302005780/en/
For Montreign Operating Company LLCCharles Degliomini,
845-807-0001cdegliomini@empireresorts.com
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