Empire Resorts (NASDAQ:NYNY)
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Empire Resorts, Inc. (NASDAQ: NYNY) today announced that
effective immediately Robert A. Berman, the company's vice chairman
and director, has resigned in order to spend more time on family
affairs due to the untimely death of his brother Philip Berman, a
former Empire executive who recently passed away at the age of 49.
While no replacement has yet been announced, the board will retain its
current composition of eight seats.
David P. Hanlon, CEO and president of Empire Resorts, stated,
"Robert Berman has been a member of Empire's board since 2002, and we
sincerely regret his decision to step down at this time, while
understanding his reason for doing so. During his years with Empire,
including his tenure as CEO, he has been a resourceful and prudent
leader who was instrumental in transforming the company into the New
York gaming destination it is today. Robert was personally responsible
for bringing the concept of trust land Native American gaming to New
York and establishing the Mighty M Gaming complex that has proven so
successful since its introduction in 2004. We will miss him and wish
him well. The board joins me in thanking Robert for his dedicated
service these many years on behalf of the company and its
shareholders."
Robert A. Berman, vice chairman, added, "My years at Empire have
been extremely satisfying and this decision is not one easily made,
but I must attend to important family business. I see this company
growing into a leader in gaming and resort entertainment. I believe
that the management team that is now in place can take Empire to the
next level, and I remain steadfast in my support for the company's
vision."
About Empire Resorts, Inc.
Empire operates the Monticello Raceway and is involved in the
development of other legal gaming venues in New York. Empire opened
Mighty M Gaming at the Raceway site on June 30, 2004. This facility
features over 1,700 video gaming machines and amenities such as a
350-seat buffet and live nightly entertainment. Empire is also working
to develop a $500 million "Class III" Native American casino and
resort on a site adjacent to the Raceway and other gaming and
non-gaming resort projects in the Catskills region and other areas.
Additional information can be found at www.empireresorts.com.
Statements in this press release regarding the company's business
that are not historical facts are "forward-looking statements" that
involve risks and uncertainties, including the need for regulatory
approvals, financing and successful completion of construction. The
company wishes to caution readers not to place undue reliance on such
forward-looking statements, which statements are made pursuant to the
Private Securities Litigation Reform Act of 1994, and as such, speak
only as of the date made. To the extent the content of this press
release includes forward-looking statements, they involve various
risks and uncertainties including (i) the risk that the various
approvals necessary as described herein and other approvals required
to be obtained from the United States Congress, the Bureau of Indian
Affairs, the National Indian Gaming Regulatory Commission, the
Governor of the State of New York and various other federal, State and
local governmental entities are not received, (ii) the risk that
financing necessary for the proposed programs or projects may not be
able to be obtained because of credit factors, market conditions or
other contingencies, (iii) the risk that sovereign Native American
governments may exercise certain broad rights with regard to
termination of its agreements with the company (iv) the risk of
non-compliance by various counterparties of the related agreements,
and (v) general risks affecting the company as described from time to
time in it's reports filed with the Securities and Exchange
Commission. For a full discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the company's Annual
Report or Form 10-K for the most recently ended fiscal year.