Empire Resorts Provides Update to BIA Environmental Review
February 08 2006 - 10:40AM
Business Wire
Empire Resorts, Inc. ("Empire") (NASDAQ: NYNY) today announced that
on February 6, 2006, representatives of the St. Regis Mohawk Tribe
and the Company met with officials from the Department of the
Interior's Bureau of Indian Affairs (BIA) in Washington, D.C. to
discuss the status of the Tribe's request that a previously
completed Environmental Assessment (EA) for a proposed St. Regis
Mohawk gaming facility at the Monticello Raceway satisfies the
requirements of the National Environmental Policy Act (NEPA). At
the meeting, the BIA stated that certain parts of the EA require
additional analysis and that the BIA will provide the Tribe with
specific comments within approximately three weeks. There is no
assurance that the BIA will not require a full Environmental Impact
Statement (EIS) or that the extent of the BIA's comments on the
existing EA will not cause the Tribe to decide to perform a full
EIS. Responding to this development, David P. Hanlon, Empire's
President and CEO, stated, "While we would have expected the BIA to
move forward on the basis of the existing EA, we are encouraged
that the BIA will continue to work with the Tribe to address any
outstanding issues in an expeditious manner." About Empire Resorts
Empire operates the Monticello Raceway and is involved in the
development of other legal gaming venues. Empire opened Mighty M
Gaming at the Raceway site on June 30, 2004. This facility features
over 1,500 video gaming machines and amenities such as a 350-seat
buffet and live entertainment. Empire is also working to develop a
$500 million "Class III" Native American casino for the St. Regis
Mohawk Tribe on a site adjacent to the Raceway and other gaming and
non-gaming resort projects in the Catskills region and other areas.
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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