Current President and Chief Operating Officer
Ryan Eller named as CEO
Empire Resorts, Inc. (“Empire” and, together with its
subsidiaries, the “Company”) (“NasdaqGM:NYNY”) today announced that
its Chief Executive Officer Joseph D’Amato has retired from the
Company and the Board of Directors, effective immediately.
The Company also announced that its current President and Chief
Operating Officer Ryan Eller has been appointed CEO, and will
retain the title of President. In his new role, Mr. Eller will lead
Empire in fulfilling the vision of Resorts World Catskills as the
preeminent destination for gaming and tourism in the Northeast.
“It has been my great pleasure to work with Joe D’Amato for the
past seven years.” said Emanuel Pearlman, Executive Chairman of
Empire Resorts. “Joe has been an essential member of the Empire
family since 2009 and worked tirelessly to help ensure the Company
was awarded a gaming facility license to develop and operate a
resort casino in the Town of Thompson in Sullivan County. He has
led by example throughout his tenure, and we wish him all of the
best for a successful retirement following a distinguished and
successful 47-year career.”
“It is truly a privilege to assume the role of CEO,” said Mr.
Eller, “I would like to thank Joe for his leadership which has
enabled me to inherit an outstanding team and a project that will
be well-positioned to be one of the nation’s most exciting new
resort casinos.”
Mr. Pearlman added, “To assist in the transition, Joe will
continue as a consultant to the Company for the next year as we
prepare for the opening of Resorts World Catskills. While we are
sorry to see Joe leave the company as a permanent member of the
team, we’re fortunate to have Ryan’s talent and knowledge as he
undertakes the CEO responsibilities.”
Last month, a subsidiary of Empire entered into a license
agreement to rebrand the resort casino, formerly referred to as
Montreign Resort Casino, as a Resorts World property. The Resorts
World brand was established by leaders of the Genting Group, a
multi-national conglomerate that includes a highly-regarded resort
and casino industry leader. The internationally-recognized Resorts
World hospitality and casino brand is applied to properties located
around the world, including integrated destination resorts located
in Kuala Lumpur, Malaysia; Singapore; Bimini, Bahamas; Manila,
Philippines; Birmingham, England; New York City, New York; and the
newest property currently under construction in Las Vegas,
Nevada.
Resorts World Catskills was chosen as the name for the resort
casino following market research regarding the rebranding. The name
Resorts World Catskills pays homage to the Catskills region of New
York where Sullivan County is located. The Catskills region, which
is comprised of Sullivan, Ulster, Greene and Delaware counties, is
known for its crisp mountain air and fresh food, and has
traditionally served as a year-round resort destination of choice
for New York residents.
Resorts World Catskills is expected to open in March 2018.
About the Company
The Company was awarded a gaming facility license by the New
York State Gaming Commission to develop and operate a resort casino
to be located at the site of a four-season destination resort being
developed in the Town of Thompson in Sullivan County, approximately
90 miles from New York City. The Company is the sole holder of a
gaming facility license in the Hudson Valley-Catskills Area, which
consists of Columbia, Delaware, Dutchess, Greene, Orange, Sullivan
and Ulster counties in New York State.
The Resorts World-branded resort casino, which is being
developed by Montreign Operating Company, LLC, an indirect,
wholly-owned subsidiary of Empire, will include an 18-story casino,
hotel and entertainment complex with approximately 100,000 square
feet of casino floor, over 100 table games, 2,150 state of the art
slot machines, a poker room and private gaming salons. Guest
amenities will include 332 all-suite luxury rooms, which include 12
penthouse suites, 8 garden suites and 7 two-story villas, two
indoor pools, a spa and fitness center -- all designed to meet
5-star and 5-diamond standards. Guests will be able to choose from
over 10 varied bar and restaurant experiences, including fine
dining, and an Italian steakhouse created by celebrity chef Scott
Conant. Guest can also enjoy year-round live entertainment at the
over 2,000-seat event center, casino bars, restaurants and
lounges.
Expected to open in March 2018, the destination resort in which
Resorts World Catskills is located, will also include an
entertainment village providing additional entertainment, food and
accommodations, and a Rees Jones-redesigned golf course, both of
which are being developed by subsidiaries of Empire. In addition,
the destination resort will include an indoor waterpark lodge.
The Company also owns and operates Monticello Casino and
Raceway, a 45,000-square-foot video gaming machine and harness
horseracing facility located in Monticello, New York, approximately
90 miles northwest of New York City.
Further information about the Company is available at
www.empireresorts.com, www.rwcatskills.com and
www.monticellocasinoandraceway.com.
Cautionary Statement Regarding Forward Looking
Information
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 our 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; changes in the competitive
environment in the gaming industry and the markets where we
operate; whether the Company is judged to have met the hospitality
standards necessary to be awarded a 5-diamond rating by the
American Automobile Association or a 5-star rating by the Forbes
Travel Guide; the ability to meet and maintain compliance with
legal and regulatory restrictions on our business, including in
relation to our advertising, customer promotion and marketing
activities; recognition of and loyalty to the Resorts World and
Genting brands; customer preference for competing hospitality and
gaming brands operating in our market; the effectiveness of
marketing and promotional activity based on the Resorts World and
Genting brands; our ability to adapt to a rapidly changing media
environment; our ability to leverage the Resorts World and Genting
brands to attract visitors in our market; adverse publicity
relating to the Resorts World or Genting brands; whether we execute
definitive agreements to join the Genting Rewards customer loyalty
alliance; and the Genting Group’s continued investment to maintain,
extend and expand the image of the Resorts World and Genting brands
through marketing initiatives, including advertising and consumer
promotions, and product innovation, over which we have no control.
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/20170601005302/en/
Empire Resorts, Inc.Charles A. Degliomini, Executive Vice
President, (845) 807-0001cdegliomini@empireresorts.com
Empire Resorts (NASDAQ:NYNY)
Historical Stock Chart
From May 2024 to Jun 2024
Empire Resorts (NASDAQ:NYNY)
Historical Stock Chart
From Jun 2023 to Jun 2024