MHHA ALSO EXECUTES RESOLUTION OF EXCLUSIVE SUPPORT FOR
MONTREIGN GAMING FACILITY LICENSE
MONTICELLO, NY (November 4, 2014) – Today Empire Resorts,
Inc. (NASDAQ-GM:NYNY) (“Empire”) announced that its wholly-owned subsidiary,
Monticello Raceway Management Inc. (“MRMI”), and the Monticello Harness
Horsemen’s Association (“MHHA”) have entered into an agreement that governs the
conduct of MRMI and MHHA relating to horseracing purse payments, the
simulcasting of horse races and certain other payments (the “MHHA Agreement”).
The MHHA has also executed an exclusive Resolution of Support endorsing the
application of Empire’s wholly-owned subsidiary, Montreign Operating Company,
LLC (“Montreign”), for a New York State Gaming Facility License.
The MHHA Agreement is for an initial term of two years.
If Montreign is granted a Gaming Facility License, the MHHA Agreement will be
extended for an additional seven years beginning on the date that the New York
State Gaming Commission (“NYSGC”) approves Montreign to engage in
legalized gaming. On the same date, the MHHA will also receive 1,000,000 shares
of Empire common stock and a warrant to purchase 300,000 shares of common
stock, the proceeds of any sales of which will provide additional monies for
the harness horsemen’s purse account.
Emanuel Pearlman, Empire’s Chairman of the Board stated, “We
are pleased to have concluded this negotiation and we thank the NYSGC for its
efforts in mediating a final contract. We have been operating harness racing in
the Catskills since 1958. It is a part of our history and today’s announcement
confirms our support for this legacy.”
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and our management team, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, levels of spending in business and leisure segments as well as consumer confidence; plans for signing and closing on definitive transaction documents relating to our development project; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners and hospitality venture partners; changes in the competitive environment in our industry and the markets where we operate; the timing of the receipt of regulatory and governmental approvals for the development project, including the issuance of a Gaming Facility License to us; changes in federal, state or local tax law; general volatility of the capital markets and our ability to access the capital markets to secure necessary financing. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
