New York State of Gaming: Stock Splits & Licensing

Steve Kanaval |

Sullivan County based Empire Resorts (NYNY) was awarded a gaming facility license to operate a resort casino to be named Montreign Resort Casino at the site of Adelaar, a four-season destination resort planned for the Town of Thompson in Sullivan County 90 miles from New York City. The company also announced that it is effecting a 1-for-5 reverse stock split of its common stock which will be effective for trading purposes as of the commencement of trading on December 23, 2015. As of that date, each 5 shares of issued and outstanding common stock and equivalents will be converted into 1 share of common stock and equivalents.

“This is a historic day for our Company, for the people of Sullivan County and for the entire Mid-Hudson region, and I thank the NYSGC for their hard work and dedication in completing a fair and comprehensive licensing process,” said Empire Chairman of the Board Emanuel Pearlman. “With the awarding of a gaming facility license by the NYSGC, we can expeditiously move forward and construct a resort destination that is more than just a casino; rather, it is a part of a $1.3 billion fully master-planned, sustainable, integrated gaming and destination resort.”

The award of the gaming facility license follows Montreign’s selection in December 2014 by the New York State Gaming Facility Location Board as the sole Catskill/Hudson Valley Region One casino applicant eligible to apply to the NYSGC for a gaming facility license. Montreign Resort Casino is to be located on 1,700 acres.

  • 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 beverages;
  • 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.

Montreign Resort Casino is expected to generate four million new tourist visitations and will create more than 5,000 construction and permanent jobs in an area with one of highest unemployment rates in New York State.

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Companies

Symbol Name Price Change % Volume
NYNY Empire Resorts Inc. 22.55 1.10 5.13 10,013

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