Empire Resorts, Inc. Announces Allocation of Construction Term Loan
December 13 2016 - 9:15AM
Business Wire
Empire Resorts, Inc. (NASDAQ-GM:NYNY) (“Empire”) announced that
its wholly-owned subsidiary, Montreign Operating Company, LLC
(“Montreign” and, together with Empire, the “Company”), received
notice on Friday December 9, 2016 that its aggregate of $460
million of construction term loan has been allocated to lenders.
The Company intends to use the proceeds of such term loans to
finance the development of the Montreign Resort Casino,
Entertainment Village and Golf Course, all of which are included in
the initial phase of the Adelaar Resort to be located in Sullivan
County, New York.
The transaction is expected to close in January 2017 and remains
subject to documentation, customary closing conditions and approval
by the New York State Gaming Commission.
This press release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any
securities, loans or indebtedness of the Company.
About the Company
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 standards. 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 term loans;
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 condition of, financial or otherwise, 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; 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161213005763/en/
For the Company:Charles Degliomini,
845-807-0001cdegliomini@empireresorts.com
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