Empire Resorts Announces Departure of Robert Berman
October 12 2005 - 4:23PM
Business Wire
Empire Resorts, Inc. (NASDAQ: NYNY) today announced that effective
immediately Robert A. Berman, the company's vice chairman and
director, has resigned in order to spend more time on family
affairs due to the untimely death of his brother Philip Berman, a
former Empire executive who recently passed away at the age of 49.
While no replacement has yet been announced, the board will retain
its current composition of eight seats. David P. Hanlon, CEO and
president of Empire Resorts, stated, "Robert Berman has been a
member of Empire's board since 2002, and we sincerely regret his
decision to step down at this time, while understanding his reason
for doing so. During his years with Empire, including his tenure as
CEO, he has been a resourceful and prudent leader who was
instrumental in transforming the company into the New York gaming
destination it is today. Robert was personally responsible for
bringing the concept of trust land Native American gaming to New
York and establishing the Mighty M Gaming complex that has proven
so successful since its introduction in 2004. We will miss him and
wish him well. The board joins me in thanking Robert for his
dedicated service these many years on behalf of the company and its
shareholders." Robert A. Berman, vice chairman, added, "My years at
Empire have been extremely satisfying and this decision is not one
easily made, but I must attend to important family business. I see
this company growing into a leader in gaming and resort
entertainment. I believe that the management team that is now in
place can take Empire to the next level, and I remain steadfast in
my support for the company's vision." About Empire Resorts, Inc.
Empire operates the Monticello Raceway and is involved in the
development of other legal gaming venues in New York. Empire opened
Mighty M Gaming at the Raceway site on June 30, 2004. This facility
features over 1,700 video gaming machines and amenities such as a
350-seat buffet and live nightly entertainment. Empire is also
working to develop a $500 million "Class III" Native American
casino and resort on a site adjacent to the Raceway and other
gaming and non-gaming resort projects in the Catskills region and
other areas. 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 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 various
approvals necessary as described herein and other approvals
required to be obtained from the United States Congress, the Bureau
of Indian Affairs, the National Indian Gaming Regulatory
Commission, the Governor of the State of New York and various other
federal, State and local governmental entities are not received,
(ii) the risk that financing necessary for the proposed programs or
projects may not be able to be obtained because of credit factors,
market conditions or other contingencies, (iii) the risk that
sovereign Native American governments may exercise certain broad
rights with regard to termination of its agreements with the
company (iv) the risk of non-compliance by various counterparties
of the related agreements, and (v) 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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