Empire Resorts Announces Update on BIA
01 February 2006 - 9:41AM
Business Wire
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.
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