Empire Resorts Announces Progress with BIA; Company and St. Regis Mohawk Tribe Work toward Modified EA
13 April 2006 - 10:00PM
Business Wire
Empire Resorts, Inc. ("Empire") (NASDAQ:NYNY) today announced that
its partner, the St. Regis Mohawk Tribe, was notified that the
Department of the Interior's Bureau of Indian Affairs (BIA) has
completed its review of the Environmental Assessment (EA) for a
proposed transfer of land into trust for a casino at the Monticello
Raceway site. This review identified certain items in the EA that
need to be enhanced and/or modified; once such concerns are
addressed, a final modified EA will be submitted to the BIA for
review and approval. David P. Hanlon, Empire's President and CEO,
commented, "The list of items from the Department of the Interior
is consistent with our expectations and provides a definitive
roadmap for moving forward with the environmental assessment. We
have already begun work on all remaining items - such that we can
obtain a modified EA as soon as possible." 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 (VGMs) and amenities such as a
350-seat buffet and live entertainment. Empire is also working to
develop a "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.
For more information visit 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.
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