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.