Empire Resorts (NASDAQ:NYNY)
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Empire Resorts, Inc. ("Empire") (NASDAQ: NYNY) today
clarified that the company has not yet received word from the U.S.
Department of the Interior in regards to whether the Environmental
Assessment (EA), revised in 2004, satisfies the requirements of the
National Environmental Policy Act (NEPA) for a casino at Monticello
Raceway. The company expects to hear soon a decision from the Bureau
of Indian Affairs (BIA).
Empire anticipates that the BIA will either (a) uphold the EA, (b)
require a full Environmental Impact Study (EIS), or (c) request
information on specific issues that can be addressed without
necessitating a complete EIS. The company is preparing for any of
these responses and working with the St. Regis Mohawk Tribe to move
towards opening a casino in the Catskills as expeditiously as
possible. Empire will issue an announcement when it hears a final
ruling from the BIA.
About Empire Resorts
Empire operates the Monticello Raceway and is involved in the
development of other legal gaming venues. Empire opened Mighty M
Gaming at the Raceway site on June 30, 2004. This facility features
over 1,500 video gaming machines and amenities such as a 350-seat
buffet and live entertainment. Empire is also working to develop a
$500 million "Class III" Native American casino for the St. Regis
Mohawk Tribe on a site adjacent to the Raceway and other gaming and
non-gaming resort projects in the Catskills region and other areas.
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.