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Tuesday, November 4, 2014

Today's Business Report - Empire Resorts

Remember earlier this year when the horsemen at Monticello pulled their signal as part of a contract dispute with the raceway?  Well, today terms of an agreement were announced in a press release (the non-propaganda version is available here).  Contrary to what the MHHA fails to mention is the term of the contract is for two years.  The contract will be extended for an additional seven years ONLY IF Empire Resorts subsidiary, Montreign Operating Compangy (MOC), which is involved in seeking a gaming license from the State of New York, obtains a license which will allow them to build a new gaming facility without a horse racetrack,  Should MOC obtain a gaming license, the horsemen will receive a million shares of Empire Resorts and warrants to purchase an additional 300,000 shares of common stock which the horsemen can sell to fund the purse account as a way around the state law which caps contributions to purse accounts at 2013 levels.

So the horsemen look to do well if MOC, obtains a gaming license to build their Montreign casino resort.  Of course, there are other applications for a casino in Sullivan County as well as Duchess and Orange counties, so it is not a slam dunk although should the selection committee consider the continuation of horse racing and the preservation of jobs an important factor, the chances of gaining a license improves.  If Montreign doesn't get licensed, then the clock on the end of racing at Monticello begins ticking.

The casino selection committee is due to announce the winners of the four non-Indian casino licenses any time now.

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