MONTICELLO, N.Y.--(BUSINESS WIRE)--
Empire Resorts, Inc. (NASDAQ-GM:NYNY) (“Empire”) announced that its wholly-owned subsidiary, Montreign Operating Company, LLC (“Montreign” and, together with Empire, the “Company”), received notice on Friday December 9, 2016 that its aggregate of $460 million of construction term loan has been allocated to lenders. The Company intends to use the proceeds of such term loans to finance the development of the Montreign Resort Casino, Entertainment Village and Golf Course, all of which are included in the initial phase of the Adelaar Resort to be located in Sullivan County, New York.
The transaction is expected to close in January 2017 and remains subject to documentation, customary closing conditions and approval by the New York State Gaming Commission.
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities, loans or indebtedness of the Company.
About the Company
Empire Resorts, Inc. owns and operates, through its subsidiary Monticello Raceway Management, Inc., the Monticello Casino and Raceway, a harness racing track and casino in Monticello, N.Y., and is 90 miles from midtown Manhattan. For additional information, please visit www.empireresorts.com.
The Company has begun construction of Montreign Resort Casino – an 18-story casino, hotel and entertainment complex with approximately 102 table games, 2,150 state of the art slot machines and 332 luxury rooms, which includes 12 penthouse suites, 8 garden suites and 7 two-story villas, designed to meet 5-star and 5-diamond standards. For additional information, please visit www.montreign.com.
Cautionary Language on Forward-Looking Statements
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 its 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; plans for signing and closing on definitive transaction documents relating to the term loans; difficulties and/or delays in construction of Montreign Resort Casino and other areas of Adelaar; failure to maintain and renew, or the loss of, any license or permit required under gaming laws; assumptions concerning metrics important to the development and operation of Montreign Resort Casino, prove incorrect; relationships with labor unions and other building trades and changes in labor law; the condition of, financial or otherwise, and our relationships with, third-party property owners, the construction manager and contractors and hospitality venture partners; risks associated with the introduction of a new casino hotel in an unproven region; changes in the competitive environment in the hospitality and gaming industries, generally, and in our primary market; the effects of local and national economic, credit, project finance and capital market conditions on the economy, in general, and on the hospitality and gaming industries, in particular; changes in federal, state or local tax law; and inability to obtain credit financing on terms and conditions acceptable to the Company. A more complete description of these risks and uncertainties can be found in our filings with the U.S. 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.
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