Empire Resorts Announces End to Horsemen Arbitration.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Empire Resorts, Inc. ("Empire") (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 : NYNY NYNY New York, New York ) today announced that the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Racing and Wagering Board has arbitrated terms of a new contract with the company's horsemen. The new contract will run through December 31, 2007. As part of the agreement, the horsemen will receive 8.25% of the first $100 million of VGM VGM Video Game Music VGM Virtual General Manager (game) VGM Vakýflar Genel Müdürlüðü (Turkish: General Directorate of Foundations) VGM Voice Generator Module revenue, after which they will receive 9.25%, with a minimum of 200 race days per year. In addition, for insurance, legal, and administrative matters, the horsemen will receive $20,000 per month as a direct management contribution, along with 3.5% of revenue from all sources; in 2007, the horsemen will receive 4.5% of revenue from all sources. Empire Resorts continues to review its options and possible avenues of appeal. 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. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1994, and as such, speak only as of the date made. |
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