Empire Resorts Announces Settlement with Former CEO
18 May 2010 - 6:30AM
Business Wire
Empire Resorts, Inc., (NASDAQ: NYNY) today announced the
settlement of an action it had filed against its former CEO, Joseph
Bernstein, in January 2010. The parties reconciled their
differences for the benefit of the Company and its
shareholders.
The Company recognizes that Mr. Bernstein was responsible for
negotiating a $55 million investment by Kien Huat Realty III Ltd.
to provide it with additional capital and is grateful to Mr.
Bernstein for his success in those endeavors.
Joseph Bernstein added, “This is a great company, with a superb
Board and management.”
About Empire Resorts
Empire Resorts owns and operates the Monticello Casino &
Raceway, a harness racing track and casino located in Monticello,
New York, and 90 miles from midtown Manhattan. For additional
information, please visit www.empireresorts.com.
About Joseph Bernstein
Joseph Bernstein is the Chief Executive Officer of
Grandparents.com and a NY real estate developer. His company’s
projects have included The Crown Building at Fifth Avenue and 57th
St., the 50-story Americas Tower at 1177 Avenue of the Americas,
the 70-story tower at 40 Wall St., and the vertical shopping center
at One Herald Square. Currently, he has projects under way in
Israel, including Israel by the Sea Resort & Club, a 36-hole
golf resort and residence club on Mt. Arbel, overlooking the Sea of
Galilee, and an Entertainment City in Eilat, Israel.
Statements in this press release regarding the Company's
business that are not historical facts are "forward-looking
statements" that may involve material risks and uncertainties. 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. For a full discussion of
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, as well as the Form 10-Q for the most
recently ended fiscal quarter.
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