Empire Resorts Announces Notice of Availability for Draft Environmental Assessment; Marks Next Step Forward towards Opening a Ca
11 September 2006 - 10:00PM
Business Wire
Empire Resorts, Inc. (NASDAQ: NYNY) today announced that on
September 7, 2006, its partners, the St. Regis Mohawk Tribe,
received a Notice of Availability (NOA) from the Bureau of Indian
Affairs (BIA) regarding the draft Environmental Assessment (EA)
required to take the land into trust for the proposed St. Regis
Mohawk Casino at Monticello Raceway. The draft EA will be available
for comment beginning Tuesday, September 12, at the Monticello
public library and at the Monticello Clerk's office. Should no
additional information be presented over the next 30 days requiring
further analysis, this draft EA would be adopted as the final
Environmental Assessment for the proposed transfer of the parcel
totaling approximately 30 acres into trust for the benefit of the
St. Regis Mohawk Tribe. David P. Hanlon, CEO and president of
Empire Resorts stated, "We and our partners, the St. Regis Mohawks,
are pleased with the draft EA and continue to work with the BIA to
pave the way for a casino in the Catskills. This marks an important
step towards creating thousands of jobs and a once in a generation
economic opportunity for the region. Just as importantly, this
project, to be modeled after some of the top Las Vegas casinos,
places New York State on a competitive footing with the expanding
casino markets in New Jersey, Pennsylvania and Connecticut." 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 1,500 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 and resort 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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