Empire Resorts Commends Governor Paterson for Urging Obama Administration to Correct “Misguided Policy” on Off-Reservatio...
01 May 2009 - 10:00PM
Business Wire
Empire Resorts, Inc. (NASDAQ: NYNY) announced today that
Governor David A. Paterson, in a letter dated April 29, 2009,
addressed to newly appointed Interior Secretary Ken Salazar,
requested the withdrawal of a January 2008 Guidance Memorandum that
abruptly derailed the St. Regis Mohawk $600 million casino project
at the Monticello Raceway, which is owned by the Company, as well
as dozens of other Native American land to trust applications for
gaming projects across the United States. Empire Resorts commends
the Governor for his initiative and strong support of Native
American gaming in the Catskills and for his call for the Secretary
of Interior to withdraw the �misguided policy issued by the former
Administration.�
The application of the St. Regis Mohawk Tribe for a gaming
project to be located at the Monticello Raceway was previously
approved by the Department of Interior in April 2000 as being in
the best interest of the Tribe and local communities. Governor
Spitzer concurred in that determination in February 2007, as
required under federal law, but former Secretary Dirk Kempthorne
derailed the project in January 2008 by issuing the Guidance
Memorandum. Empire Resorts and the Tribe subsequently abandoned the
project, but renewed their discussions in March 2009 based on
expectations that the Obama Administration may withdraw the
Guidance Memorandum or grandfather previously approved
applications.
Charles Degliomini, Sr. Vice President of Empire Resorts, noted,
�Governor Paterson confirmed in his letter to Secretary Salazar
that the St. Regis Mohawk project was a �critical economic
development� that would promote the Tribe�s economic
self-sufficiency and breathe new life into Sullivan County�s
extremely depressed economy. We believe the project will help
rescue Sullivan County from economic distress at a time when
President Obama and Governor Paterson are vigorously seeking to
generate large-scale economic activity through various federal and
state programs. The project should provide badly needed economic
stimulus for the Mohawk people and citizens of Sullivan County, and
enhance the State�s budget through revenue sharing under a compact
negotiated by the State and the Tribe.�
About Empire Resorts, Inc.
Empire Resorts owns and operates Monticello Gaming &
Raceway, a harness racing facility in Sullivan County with over
1,500 video gaming machines, as well as dining and other amenities.
It is also involved with development of the Concord Hotel &
Resort, a major destination resort in the Catskills. For additional
information, go to www.empiresorts.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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