Concord Associates Completes Payment of $18.75 Million to Empire
30 January 2007 - 12:00AM
Business Wire
Empire Resorts, Inc. (NASDAQ: NYNY) today announced that, in
accordance with the previously-announced exercise of options under
the amended Option Agreement with Concord Associates Limited
Partnership (�Concord Associates�), Concord Associates has paid
Empire cash consideration of $18.75 million for 2.5 million shares
of Empire common stock. Concord Associates will retain the right to
exercise options for up to an additional 1.0 million shares of the
Company�s stock at an exercise price of $7.50 per share until
December 27, 2007. �With these funds in hand, Empire Resorts has a
much stronger balance sheet to support the company�s growth
initiatives in the Catskills and beyond,� said David P. Hanlon,
Empire's President and CEO. �In addition, we are gratified by
Concord Associates� confidence in our long-term business outlook,
shown through their exercise of these options.� 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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