MONTICELLO, N.Y.--(BUSINESS WIRE)--On March 1, 2016, the gaming facility license awarded by the New York State Gaming Commission (“NYSGC”) to Montreign Operating Company, LLC (“Montreign”), a wholly-owned subsidiary of Empire Resorts Inc. (NASDAQ-GM:NYNY) (“Empire” and, together with its subsidiaries the “Company”), with respect to Montreign Resort Casino became effective upon the deposit with NYSGC of 10% of the minimum capital investment required for the project. The gaming facility license is subject to various conditions that are detailed in filings made by the Company with the Securities and Exchange Commission, including the payment of the license fee of $51 million on or before March 31, 2016.
Beautifully situated in the pristine Catskills, Montreign Resort Casino is poised to become what will be one of the most comprehensive destination gaming resorts in the northeastern United States. Montreign Resort Casino, which is part of the initial phase of Adelaar, is designed to meet 5-star and 5-diamond standards and is anticipated to feature:
- A 90,000 square foot casino floor featuring 2,150 slot machines, 102 table games and a 14 – 16 table poker room (inclusive of the poker room and VIP and high-limit areas);
- Designated VIP/high-limit areas within such gaming floor which will offer a minimum of 26 slot machines, 8 table games, and a player’s lounge with food and beverage;
- An 18 story hotel tower containing 332 luxury rooms (including at least eight 1,000 – 1,200 square foot garden suites, seven 1,800 square foot, two story townhouse villas, and 12 penthouse-level suites), indoor pools and fitness center;
- A VIP floor containing 6 private VIP gaming salons, a private gaming cage, and butler service;
- 27,000 square feet of multi-purpose meeting and entertainment space with seating capacity for 1,300 people and a mezzanine level that includes the 14 -16 table poker room, access to outdoor terraces and approximately 7,000 square feet of meeting room space;
- A 7,500 square foot spa; and
- Seven restaurants and four bars.
In addition to Montreign Resort Casino, Adelaar is expected to include an array of other non-gaming, leisure and recreational options, such as:
- An Indoor Waterpark Lodge including a hotel, indoor and outdoor water parks, and other amenities;
- An “Entertainment Village” with dining facilities, entertainment and retail shops; and
- The “US Open Doctor” Rees Jones renovated 18-hole Monster golf course.
The company recently installed a time-lapse camera to broadcast and document the transition from construction site to casino. The feature-rich interface, accessible from any device with an internet browser, provides high-resolution images, complete with jobsite weather data, which will document virtually every moment of Montreign construction. Users can zoom in on images from any date and time to see details of construction. Construction progress can be viewed clicking on the “Construction Cam/View our Progress” at these links: https://www.montreign.com and https://www.empireresorts.com.
About Empire Resorts
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 standard
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 development of Montreign Resort Casino and Adelaar; the construction commencement date for Montreign Resort Casino and other areas of Adelaar; 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 financial condition of, 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; the timing of the receipt of regulatory and governmental approvals for the Montreign Resort Casino to commence construction; 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.
