Empire Resorts Notifies New York Lottery of Opposition to Concord Associates Gaming License Application
September 22 2011 - 7:00AM
Business Wire
Empire Resorts, Inc. (NASDAQ:NYNY) announced today that Emanuel
Pearlman, Chairman of the Board of Empire Resorts, which owns and
operates Monticello Raceway and Casino, wrote to the New York
Lottery (the "Lottery") in response to a letter sent by the Lottery
on September 16 to Concord Associates that sets out the conditions
that would have to be met before the Lottery would consider Concord
Associates' currently incomplete application to operate video
lottery gaming machines at a proposed race track on the site of the
former Concord Hotel in Sullivan County. Those conditions include a
review by the Lottery of comments by operators of other race tracks
and other interested parties.
In the letter, Mr. Pearlman notified the Lottery that Monticello
Casino and Raceway, as both another race track and an interested
party, opposes Concord Associates' incomplete application to
operate video lottery gaming machines as well as its incomplete
application to the New York State Racing and Wagering Board to
operate a harness racing track at the Concord site. Monticello
Raceway believes that granting licenses to Concord Associates to
operate a racino at the Concord site would be contrary to New York
law and public policy and would cause grave competitive harm,
diminish revenues for education and hurt racing in the State.
Monticello Raceway and Casino intends to submit its formal
opposition at the appropriate time.
Mr. Pearlman’s letter provides as follows:
September 21, 2011
Dear Director Medenica:
I am Chairman of the Board of Directors of Empire Resorts, Inc.,
owner of the Monticello Casino and Raceway. I write in reaction to
your September 16, 2011 letter (the "Letter") to Louis Cappelli and
Concord Raceway Corporation ("Concord") setting out various
conditions that would need to be satisfied before the New York
State Division of the Lottery (the "Lottery") could act upon
Concord's presently incomplete Video Lottery Gaming Agent License
Application (the "Application") for a planned facility at the site
of the former Concord Hotel -- which is less than five miles away
from Monticello Casino and Raceway.
As you know, since its opening in June 2004, Monticello Casino
and Raceway has made significant contributions to aid education in
New York State and the community in Sullivan County in the
Catskills. You explain in your Letter that the Lottery intends to
consider comments from existing video lottery gaming agents and
other interested parties before deciding upon the Application. The
purpose of my letter is to inform the Lottery that, as both an
existing video lottery gaming agent and an interested party,
Monticello Casino and Raceway opposes the Application -- as well as
Concord's pending application with the New York State Racing and
Wagering Board -- as both are inconsistent with New York law and
New York State's best interests.
Should the Lottery decide to consider the Application, we look
forward to the opportunity to submit at the appropriate time in the
future a formal written objection that fully addresses the
compelling legal, economic, competitive, environmental and
qualitative reasons the Application should be denied. In addition,
we would also respectfully request the opportunity to be heard in
person on the Application and our submission in opposition.
In the meantime, please do not hesitate to contact me if you
have any questions or would like to discuss this matter.
Sincerely,
/s/
Emanuel R. Pearlman
Chairman of the Board
About Empire Resorts
Empire Resorts owns and operates, through its subsidiary
Monticello Raceway Management, Inc., the Monticello Casino &
Raceway, a harness racing track and casino located in Monticello,
New York, and is 90 miles from midtown Manhattan. For additional
information, please visit http://www.empireresorts.com.
Cautionary Statement Regarding Forward Looking
Information
Statements in this press release regarding the company's
business that are not historical facts are "forward-looking
statements" that may involve material risks and uncertainties. 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. For a full discussion of
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 on Form 10-K for the most
recently ended fiscal year and in other filings with the Securities
and Exchange Commission from time to time.
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