Empire Resorts Implements Cost Cutting Program and Relocates Las Vegas Headquarters
15 April 2009 - 6:27AM
Business Wire
Empire Resorts, Inc (NASDAQ: NYNY) today announced that it
continues to implement its cost cutting program and is relocating
its Las Vegas, NV headquarters to New York. The company also
announced its Board of Directors has accepted the resignation of
its President, CEO and Director David P. Hanlon, effective
immediately. Chief Financial Officer Ronald Radcliffe has also
tendered his resignation, effective June 30, 2009.
With the relocation of its Las Vegas headquarters, Mr. Hanlon
and Mr. Radcliffe�s resignations, and the implementation of other
cost-cutting measures the company expects to realize several
million dollars a year as a result of significant savings in
corporate payroll and other operational overhead. The Empire
Resorts Board of Directors thanked Mr. Hanlon and Mr. Radcliffe for
their tenures as CEO and CFO and wished them well in their future
endeavors.
The company will be led by a special committee of the Board and
Eric Reehl, its Chief Restructuring Officer, as it implements
changes to maximize revenue and stakeholder value. The Board plans
to explore a full range of options as it considers Mr. Hanlon�s and
Radcliff�s successors.
About Empire Resorts, Inc.
Empire Resorts operates the Monticello Gaming & Raceway and
is involved in the development of another gaming resort project in
the Catskills. Additional information can be found at
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 and contractual 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 Company�s
agreement with Concord Associates is not closed; (ii) the risk that
financing necessary for the proposed project may not be able to be
obtained because of credit factors, market conditions or other
contingencies, (iii) the risk that regulatory or contractual
approvals are not obtained, (iv) the risk of non-compliance by
various counterparties of the related agreements, and (iv) 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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