Empire Resorts Sees Opportunity in Supreme Court Decision on Sports Betting
May. 15, 2018
MONTICELLO, N.Y.--(BUSINESS WIRE)--May 15, 2018--Empire Resorts, Inc. (NasdaqGM: NYNY) (together with its subsidiaries, the “Company”) lauds the U.S. Supreme Court’s decision to strike down PASPA and thereby open the door to expanded legalization of sports betting.
“We are prepared to implement sports betting as part of the gaming experience at our resort casino, Resorts World Catskills, upon the formulation of relevant regulations in New York State,” said Ryan Eller, President and Chief Executive Officer of the Company. “We believe the ruling has the potential to transform how Americans bet on sports and we are one of the few New York State venues that can be authorized to host a sports pool under New York’s Gaming Act. It is our hope that New York State will be ready for New Yorkers to place legal sports bets in time for the fall football season, baseball’s World Series, or even sooner.”
The New York State Gaming Commission will need to formulate regulations to govern sports pools before the Company can apply for a license to offer sports betting at Resorts World Catskills.
The Company held the Grand Opening of Resorts World Catskills this past weekend from May 11 through May 13. Headlining the festivities was a performance by legendary comedian and producer Jerry Seinfeld. The celebration will continue throughout the month of May with a performance by award-winning singer and songwriter Gavin DeGraw, who is a native of Sullivan County, New York, on Friday, May 18. The grand opening of Cellaio, an Italian steakhouse created by celebrity chef Scott Conant, will follow on May 19.
About the Company
Empire Resorts, Inc. was organized as a Delaware corporation on March 19, 1993, and since that time has served as a holding company for various subsidiaries engaged in the hospitality and gaming industries.
Our indirect wholly-owned subsidiary, Montreign Operating Company, LLC, doing business as Resorts World Catskills, owns and operates Resorts World Catskills, a casino resort which is located in Sullivan County, New York approximately 90 miles from New York City. Resorts World Catskills, which opened its doors to the public on February 8th, 2018, is an all-season integrated resort destination that features more than 100,000 square feet of Las Vegas style gaming including 2,150 slot machines and over 150 live table games. In addition, Resorts World Catskills includes 10 varied bar and restaurant experiences, a 332 all-suite hotel, which includes garden suites, penthouse suites and two-story villas, the Crystal Life Spa, two fitness centers, and the 2,500 seat RW Epicenter. The exclusive third floor VIP gaming area is designed for top-tier players and features a private lounge. Valet and complimentary self-parking in the covered garage and outdoor lots are available.
Through our wholly-owned subsidiary, Monticello Raceway Management, Inc., we own and operate Monticello Casino and Raceway, a video gaming machine ("VGM") and harness horseracing facility which is located in Monticello, New York. Monticello Casino and Raceway features 1,110 VGMs on a 45,000-square foot gaming floor with a separate high stakes VGM area. Monticello Casino and Raceway also has three dining options which include a food court, restaurant and sports bar.
Cautionary Statement Regarding Forward Looking Information
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and our management team, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, levels of spending in business and leisure segments as well as consumer confidence; changes in the competitive environment in the gaming industry and the markets where we operate; the extent to which New York State legalize sports betting in the wake of the Supreme Court's decision regarding the Professional and Amateur Sports Protection Act, the effects of new laws and regulations, the Company's ability to successfully execute on opportunities that may arise in the sports betting arena; the ability to meet and maintain compliance with legal and regulatory restrictions on our business, including in relation to our advertising, customer promotion and marketing activities; recognition of and loyalty to the Resorts World brand; customer preference for competing hospitality and gaming brands operating in our market; and other factors descried from time to time in the Company’s filings with the Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180515006079/en/
CONTACT: Empire Resorts, Inc.
Charles A. Degliomini, 845-807-0001
Executive Vice President
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: BUILDING SYSTEMS ENTERTAINMENT CASINO/GAMING OTHER SPORTS TRAVEL DESTINATIONS PUBLIC POLICY/GOVERNMENT STATE/LOCAL WHITE HOUSE/FEDERAL GOVERNMENT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE SPORTS
SOURCE: Empire Resorts, Inc.
Copyright Business Wire 2018.
PUB: 05/15/2018 10:16 AM/DISC: 05/15/2018 10:16 AM