Alpha Hospitality Corp. announces signing of memorandum of understanding for projected Indian casino at Monticello Raceway in Sullivan County, N.Y.NEW YORK--(BUSINESS WIRE)--Jan. 19, 1996--Alpha Hospitality Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALHY ALHY Alpha Hospitality Corporation (stock symbol; previously ALH) ; BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). : ALH; WARRANTS: NASDAQ: ALHYW; BSE: ALHW) announced today that its Alpha St. Regis Inc. subsidiary has entered into a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Catskill Development, L.L.C. pursuant to which Alpha St. Regis would participate in the development of and would manage a casino which is planned adjacent to the Monticello Raceway in Sullivan County, N.Y. The casino will be owned by the St. Regis Mohawk Indian Tribe and would be located on land to be placed in trust for the benefit of the Tribe. Under the memorandum of understanding, Catskill Development and Alpha St. Regis are committed to entering into a definitive agreement on the terms established in the memorandum. Catskill Development, L.L.C. holds a contract for the purchase of the two hundred twenty-five acre Monticello Raceway. It plans to continue Monticello's racing program and to explore other development at the site in addition to the St. Regis Mohawk Casino. The casino project is subject to approval by the U.S. Department of the Interior, the National Indian Gaming Commission and the State of New York, and the execution of definitive agreements with the Tribe. The Monticello Raceway is located ninety miles from New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The projected casino would be the closest casino to the metropolitan New York City area. Alpha currently operates two casinos in Mississippi, has contracted for the purchase of a casino in Central City, Colorado Historic Central City is a Home Rule Municipality that is the county seat of Gilpin County, Colorado, United States. The city population was 515 at U.S. Census 2000. The city is a historic mining settlement founded in 1859 during the Pike's Peak Gold Rush. and has entered into a lease with the City of Louisiana, Missouri, for the development of a river boat casino. CONTACT: Alpha Hospitality Corp. Sanford Freedman, 212/750-3500 |
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