Empire Resorts Announces Ruling Upholding Indian Gaming and VLTs by New York's Highest Court
04 May 2005 - 5:40AM
Business Wire
Empire Resorts (NASDAQ: NYNY) announced today that New York State's
highest court has issued a final decision in the case of Dalton v.
Pataki and Karr v. Pataki, in which the Company had been a
defendant. The decision by the New York Court of Appeals upholds
the position of the State Attorney General regarding the validity
of gaming laws passed by the NY Legislature in 2001, including
provisions for class III casino gambling on lands in the Catskills
to be held in trust by the United States Government for Indian
tribes. The ruling also upholds the validity of Video Lottery
Terminals ("VLT") operations at racetracks in New York State --
including Monticello Raceway. Robert Berman, CEO of Empire said,
"We are pleased that the State's highest court has decided all
issues in these cases favorably to the Company, and that the matter
has been finally resolved after four years of litigation." The
ruling upholds the legality of the Company's current VLT gaming
operations at Monticello Raceway and proposed projects to develop
and manage Indian gaming facilities at the Monticello Raceway and
the Concord Hotel & Resort. The decision provides the State,
Indian tribes and the Company assurance that they may lawfully move
forward to negotiate, operate and finance gaming operations in the
Catskills. A copy of the decision is available at:
http://www.courts.state.ny.us/ctapps/decisions/may05/51opn05.pdf
About Empire Resorts: 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. The facility features 1,718 video gaming machines and
amenities such as a 350-seat buffet and live nightly entertainment.
Together with the Cayuga Nation, Empire has announced plans to
develop a $500 million "Class III" Native American casino and
resort on a site adjacent to the Raceway. In addition, Empire has
recently announced plans to develop a second casino and resort in
the Catskills with the Seneca Cayuga Tribe of Oklahoma. 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.
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