Empire Resorts Receives Extension of Credit Facility from Bank of Scotland
May 29 2009 - 12:26PM
Business Wire
Empire Resorts, Inc. (NASDAQ: NYNY) announced today that Bank of
Scotland has agreed to an extension of the Company�s $10 million
secured credit facility that matures today. As part of the
extension agreement, the Company reduced the outstanding balance of
the credit facility to $6.4 million. The extension runs through
June 30, 2009. The Company has entered into a letter of intent with
a lender to provide the commitment to acquire or refinance the
credit facility.
About Empire Resorts
Empire Resorts owns and operates Monticello Casino &
Raceway, a harness racing facility in Sullivan County with over
1,500 video gaming machines, as well as dining and other amenities.
Empire Resorts is involved with Concord Associates, LLC in the
proposed Concord Hotel & Resort, planned as a major gaming and
destination resort in the Catskills. 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 and contractual 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 Company�s
agreement with Concord Associates is not closed; (ii) the risk that
financing necessary for the proposed project may not be able to be
obtained because of credit factors, market conditions or other
contingencies, (iii) the risk that regulatory or contractual
approvals are not obtained, (iv) the risk of non-compliance by
various counterparties of the related agreements, and (iv) 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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