Empire Resorts, Inc.’s Subsidiary Submits $51 Million Gaming Facility License Fee for Montreign Resort Casino
March 31 2016 - 8:00AM
Business Wire
Local counties and Town of Thompson expected to
share 10% of the license fee
On March 30, 2016, Montreign Operating Company, LLC
(“Montreign”), a wholly-owned subsidiary of Empire Resorts Inc.
(NASDAQ-GM:NYNY) (“Empire” and, together with its subsidiaries the
“Company”), submitted payment for its gaming facility license in
the amount of $51 million to the New York State Gaming Commission
(“NYSGC”). Previously the Company had deposited a bond with NYSGC
representing 10% of the proposed capital investment for the
project. The gaming facility license is subject to various
conditions that are set forth in filings made by the Company with
the Securities and Exchange Commission, including the payment of
the license fee of $51 million.
Pursuant to the NYSGC, local counties and the Town of Thompson
will share 10% of the license fee. “We are delighted to announce
Montreign has fulfilled the threshold conditions of its gaming
facility license by paying the license fee and deposit obligations
to New York State,” said Empire’s Chairman Emanuel Pearlman. “We
are also pleased that 10% of the license fee is expected to be
shared between Sullivan County and the Town of Thompson,
Montreign’s host community, as well as Orange, Ulster, Greene,
Dutchess, Delaware and Columbia counties."
Construction continues at the Montreign Resort Casino site,
which is located off exit 106 on New York State Route 17. The
Company recently installed a camera to broadcast and document the
transition from construction site to casino. The camera provides a
clear picture of the construction site as well as jobsite weather
data. The construction camera can be viewed clicking on the
“Construction Cam/View our Progress” at these links:
https://www.montreign.com and https://www.empireresorts.com.
Mr. Pearlman concluded, "Thanks to the unusually mild winter
weather, the efforts of our construction manager, LPCiminelli and
their subcontractors, and a dedicated and highly skilled local
union workforce, construction is proceeding on schedule.”
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; the construction commencement date
areas of Adelaar other than Montreign Resort Casino; 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 maintenance
of 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/20160331005239/en/
Empire Resorts Inc.Charles Degliomini,
845-807-0001cdegliomini@empireresorts.com
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