MONTICELLO, N.Y.--(BUSINESS WIRE)--On March 30, 2016, Montreign Operating Company, LLC (“Montreign”), a wholly-owned subsidiary of Empire Resorts Inc. (NASDAQ-GM:NYNY) (“Empire” and, together with its subsidiaries the “Company”), submitted payment for its gaming facility license in the amount of $51 million to the New York State Gaming Commission (“NYSGC”). Previously the Company had deposited a bond with NYSGC representing 10% of the proposed capital investment for the project. The gaming facility license is subject to various conditions that are set forth in filings made by the Company with the Securities and Exchange Commission, including the payment of the license fee of $51 million.
Pursuant to the NYSGC, local counties and the Town of Thompson will share 10% of the license fee. “We are delighted to announce Montreign has fulfilled the threshold conditions of its gaming facility license by paying the license fee and deposit obligations to New York State,” said Empire’s Chairman Emanuel Pearlman. “We are also pleased that 10% of the license fee is expected to be shared between Sullivan County and the Town of Thompson, Montreign’s host community, as well as Orange, Ulster, Greene, Dutchess, Delaware and Columbia counties."
Construction continues at the Montreign Resort Casino site, which is located off exit 106 on New York State Route 17. The Company recently installed a camera to broadcast and document the transition from construction site to casino. The camera provides a clear picture of the construction site as well as jobsite weather data. The construction camera can be viewed clicking on the “Construction Cam/View our Progress” at these links: https://www.montreign.com and https://www.empireresorts.com.
Mr. Pearlman concluded, "Thanks to the unusually mild winter weather, the efforts of our construction manager, LPCiminelli and their subcontractors, and a dedicated and highly skilled local union workforce, construction is proceeding on schedule.”
About Empire Resorts
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 standard.
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; the construction commencement date areas of Adelaar other than Montreign Resort Casino; 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 financial condition of, 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; the maintenance of governmental approvals for the Montreign Resort Casino to commence construction; 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.